Hedge Fund Elliott Starts Legal Proceedings Against Bank of East Asia
18 Luglio 2016 - 2:45PM
Dow Jones News
By Joanne Chiu
Bank of East Asia Ltd. (0023.HK) said Monday it would vigorously
oppose a petition filed by U.S. activist hedge fund Elliott
Management Corp., which seeks to scrap any agreements the bank has
made with major shareholders that limit their ability to freely
sell shares.
The hedge fund, which has a roughly 7% stake in the Bank of East
Asia, has been pushing the bank to sell itself.
Bank of East Asia, one of Hong Kong's largest family-controlled
banks, said it received an "unfair prejudice petition" presented by
Elliott International L.P., The Liverpool L.P. and their affiliated
entities to the city's high court. The first hearing of the
petition has been scheduled for Sept. 21.
The bank said the petition won't have any material adverse
impact on its business and operations.
Bank of East Asia, which is run by the family of Chairman David
Li, has been taken to task by Elliott over management issues. The
bank has dismissed Elliott's push to sell it as "short-term
focused."
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
July 18, 2016 08:30 ET (12:30 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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