(MENAFN) In an unprecedented move, some local South Korean investors have sided with a US hedge fund opposing an USD8 billion merger seen vital to the transfer of leadership at Samsung, Gulf News reported.
Hundreds of Samsung C&T Corp's small stakeholders have met to protest what they say is a low-ball all-stock takeover offer from Cheil Industries Inc, an affiliate of Samsung Group and the firm's de facto holding company.
Heirs of Samsung Group's founding Lee family want the merger to combine holdings of key affiliates including Samsung Electronics Co into a company under their control. Opponents say the Lee family should pay a higher price.
"This is my retirement money," one investor claiming to own 7,000 Samsung C&T shares said on the forum, hosted by Naver, South Korea's top web portal. "I have to protect my assets."
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