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2009-5-27 08:29:00 a.m. HKT, XFNA
DJ MARKET TALK:Crocodile Buyout Failure Another HK Buyout Setback
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| 0811 [Dow Jones] Yet another setback for HK-listed firms seeking privatization, with garment maker Crocodile's(0122.HK) buyout bid rejected by minority shareholders, reflecting differing view on company value between major, minority holders despite Chairman Lam Kin-ming having earlier sweetened buyout offer to 42 HK cents/share from 40 HK cents. Rejection follows recent landmark PCCW (0008.HK) case, in which privatization blocked by HK court. Crocodile's pre-suspension price 39 HK cents; likely to fall on trade resumption today, but likely won't trouble 20.8 HK cents level (Feb. 10 close) before buyout offer, as broad market has rallied significantly since then.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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