US-based hedge fund Elliott on Thursday said it bought a 7.1 percent stake in Samsung C&T Corp and criticised the all-stock takeover offer from Cheil Industries Inc as unfair.
Elliott, in a statement, said Cheil’s proposed $8.04 billion offer “significantly undervalues” Samsung C&T and was not in the best interests of Samsung C&T shareholders.
This is the first opposition raised against the plan to merge the two main pillars of Samsung Group.
Full content: The Street
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