Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: John McDonald who wrote ()	3/5/2000 2:31:00 AM
From: ms.smartest.person	Read Replies (2) of 4541

ING Barings takes HSBC's place as HKT merger adviser online.hkstandard.com By Irene Ip STORY: CABLE & Wireless HKT has appointed ING Barings Asia to be an independent financial adviser, replacing HSBC Holdings, to the company's newly formed independent committee on the merger offer from Pacific Century CyberWorks (PCCW). The new appointment comes after HSBC Holdings resigned last month. ING Barings will advise the committee, which will consider the terms of PCCW's proposal and report its views to shareholders. HKT is to be merged with Asia's third largest Internet firm owned by Richard Li Tzar-kai, in a bid worth up to $297.6 billion. PCCW proposed on Tuesday an offer to HKT shareholders of either an all-share option valuing the Hong Kong utility at $296.3 billion, or a cash-share combination valuing it at $279.6 billion. HKT's largest shareholder London-based parent Cable and Wireless has already agreed on the offer by which it would sell a 54 per cent stake to PCCW. The appointed committee is comprised of Brian Smith, HKT chairman; David Li Kwok-po, chairman of Bank of East Asia; Dr Chung Sze-yuen, former Executive Council Convener; Victor Fung Kwok-king, the chairman of the Hong Kong Airport Authority and the Hong Kong Trade Development Council; Li Ping, vice chairman of China Telecom. According to regulation, HKT has to make a response within 14 days after PCCW submits the offer. HKT yesterday said no official documents concerning the merger proposal from PCCW had been received so far. HKT also said the board had not had sufficient time to evaluate PCCW's merger offer and was not in a position to make any recommendation with respect to the offer. But the board had directed the company's management team, led by chief executive Linus Cheung Wing-lam, to work closely with PCCW to ensure the merger proceeds smoothly. HSBC resigned from its advisory position to avoid perceptions of conflict of interest because it had decided to participate in a syndicated loan to PCCW to help finance its $297.6 billion worth bid for the telecom company. Singapore Telecommunication said on Wednesday it was seeking legal advice on the role of HSBC claiming it had broken conflicts of interest rules during the battle to acquire HKT.

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