Pursuits
Samsung Group Beats U.S. Fund in Victory for Korean Corporation
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Samsung Group narrowly defeated billionaire activist investor Paul Elliott Singer in a hotly-contested proxy fight that challenged the power of South Korea’s corporate dynasties.
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. Singer’s Elliott Associates LP had waged a six-week public campaign opposing the deal on grounds that the offer was too low for C&T investors.