Is this the final chapter in the Elliott-Samsung C&T saga?
After a long and vicious battle to block a merger between Samsung C&T and its sister company, Cheil Industries, Elliott Management is reportedly selling its shares in Samsung C&T back to the company, according to the Korea Herald.
Apparently, South Korean law grants dissenting shareholders the right to sell back the shares they held prior to a merger’s announcement, and for C&T investors, today is the last day they may avail of that option.
How many shares Elliott sold was not disclosed, though what we do know is that they sold it for 57,234 Korean won, far below the 60,000 won they paid for some of their stake.
Interestingly, the fund is still seeking an injunction to stop the merger from pushing through, saying: “Elliott continues to evaluate all of its options to uphold its rights and to protect the value of its investment.” So despite the sale, this ordeal may be far from over.
Man, I hope so.
Photo: TechStage