pccw-û-what-happened-before-july-10

PCCW û what happened before July 10?

A chain of events in motion since January 2006 suggests Li's sale of PCRD's stake in PCCW was only one in a series of steps towards extracting value out of PCCW.
July 12, 2006
Richard LiÆs attempts to extract value out of his stake in PCCW seem to have begun much before the Macquarie and TPG-Newbridge bids for PCCWÆs assets were received. On January 26 this year TPG Newbridge filed with the Singapore Stock Exchange that it had launched an offer to buy out the minority shareholders' 25% stake in Pacific Century Regional Developments PCRD. PCRD is the Singapore Exchange listed holding company which holds LiÆs 22.66% stake in PCCW. In a press release at the time by PCCW there is a clear statement that the majority shareholder ie Richard LiÆs 75% stake ôwould remain unchanged if the scheme is approvedö.

Newbridge offered S$0.27 per...
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