Why do you think it's time to change the company law on scheme takeovers in Hong Kong
Under the Hong Kong Takeovers Code, independent shareholders -- those unconnected with the offeror -- holding 75% of the shares represented at the meeting must vote in favour and the number of independent shares voted against must not exceed 10% of all independent shares. Hong Kong company law adds another test -- that the scheme must also be approved by a majority in number of those people voting.
Seems fair enough. What's the problem
The first test sets a fairly common threshold for a decision requiring a meaningful majority....
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