Dissent endures for Hong Kong shareholders

Chinese Estates Holdings

06/01/2022 03:09

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Jennifer Hughes
    HONG KONG, Jan 6 (Reuters Breakingviews) - The buyer of
camera components maker Yorkey Optical lifted its offer by 14%
after pushback from activist investor David Webb while minority
owners thwarted tycoon Joseph Lau’s attempt to take his Chinese
Estates private. Small financial victories carry greater meaning
these days.
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    CONTEXT NEWS
    - Yorkey Optical International shares jumped by nearly 20%
on Jan. 5 after the $85 million camera-component maker unveiled
a 14% increase to the buyout offer from its largest shareholder.
Smaller investor David Webb had argued for a higher price based
on the likely market value of three properties the company holds
at cost. 
    - Separately, minority shareholders in property developer
Chinese Estates on Dec. 17 rejected a plan by tycoon Joseph Lau
to take the company private at a steep discount to its net asset
value. 

 (Editing by Jeffrey Goldfarb and Katrina Hamlin)
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