The cartoons were displayed for several weeks on a website set up by Samsung C&T to argue the merits of the takeover deal. Samsung shareholders have now approved the merger with 69.5 percent of votes cast, slightly more than the required two-thirds majority, The WSJ reports.
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Samsung C&T Corp. investors accepted an all-stock buyout offer from the group’s de facto holding company Cheil Industries Inc. on Friday, with shares of both companies plunging after the decision.
The business empire’s ailing patriarch Lee Kun-hee has been hospitalized since May previous year and his son Lee Jae-yong is assuming a bigger leadership role but lacks a significant stake in flagship company Samsung Electronics. “It’s too unfair”, an elderly shareholder told the meeting before the vote.
Investor activism like the Samsung fight is relatively uncommon in Asia.
Elliott has previously gone up against powerful Asian tycoons.
Publicly traded companies often remain under the control of close-knit family groups or state-backed shareholders, and legal protections for minority investors can be patchy. But the hedge fund’s stake was diluted after the bank sold new shares to the Sumitomo Mitsui Financial Group of Japan.
“Elliott is disappointed that the takeover appears to have been approved against the wishes of so many independent shareholders and reserves all options at its disposal”, the fund said in an e-mailed statement. But it has so far stopped short of filing a lawsuit against the bank or its directors. South Korea has a history of hostility to foreign investors.
Samsung said Lee inspected the overall facilities and discussed ways to support the two centers.
Elliott may launch an indirect attack by filing a suit against Samsung affiliates such as Samsung SDI or Samsung Fire & Marine Insurance, which together own more than 11 percent of Samsung C&T shares. To win their support, Samsung had dispatched executives on overseas trips and rank-and-file employees on door-to-door visits to domestic stockholders. Others held up signs criticizing the deal and Samsung Group.
SEOUL Samsung Group’s original relations on Friday brought in a slender come out on top in a milestone proxy battle, avoiding an requester depositor contrast to an 8 dollars billion price that often cements its hug just like a new era plans to use the controls of South Korea’s prime company.
“Part of growing up and having good corporate governance is to have shareholder power”, said James Rooney, Seoul-based chief executive officer of consulting firm Market Force Co.
Samsung has promised post-deal measures including higher dividends and a governance committee.
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“We will listen to those who opposed the deal and pledge to better engage with our shareholders and be more open to their input and feedback”, Cheil and Samsung C&T said in a joint statement.
