Samsung Electronics Co. turned down activist invest Paul Elliott Singer’s push for a corporate restructuring, offering instead to reward shareholders by paying its first-ever quarterly dividend and canceling tens of billions of dollars in treasury shares amid a surge in profits.
The Suwon, South Korea-based firm said Thursday that transforming into a holding company, as Singer advocated, wouldn’t help Samsung’s competitiveness and could face regulatory hurdles. The company also reported first quarter net income of 7.49 trillion won ($6.7 billion), the highest level in almost four years and far ahead of the 6.77 trillion won expected by analysts. Shares climbed to a record high.
