Elliott, T. Rowe Lose Appraisal Fight on $8.7 Billion Buyout

Elliott Investment Management, T. Rowe Price Group Inc. and other money managers failed to persuade a Cayman Islands judge to award more than the deal price in the $8.7 billion take-private of China’s largest online classified-ad marketplace six years ago.

The judge ruled last week that an investor group backed by private equity firms Warburg Pincus and General Atlantic bought the firm, 58.com, for a fair price of $56 cash per American depositary share in 2020. Attorneys for Elliott and other dissenting investors argued in court that the company had been undervalued by the pandemic.