Pursuits
Billionaire Wang Wins Glass Lewis Backing for Wanda Buyout
- Glass Lewis says $4.4 billion buyout is ‘fair and reasonable’
- Wanda Commercial shareholder meeting to be held on Aug. 15
Wang Jianlin.
Photographer: Justin Chin/BloombergThis article is for subscribers only.
Billionaire Wang Jianlin’s $4.4 billion plan to buy out his Dalian Wanda Commercial Properties Co. unit drew support from influential proxy advisory firm Glass Lewis & Co., increasing the likelihood that investors will approve Hong Kong’s biggest-ever privatization deal next month.
“The financial terms of the offer are ultimately fair and reasonable for independent shareholders," Glass Lewis said in a report seen by Bloomberg. The HK$52.80-a-share bid is the best option for minority public shareholders amid the challenging conditions in the Chinese economy and property market, according to the report.