GPH Investors Spurn Billionaire's $589M Go-Private Bid

Law360, New York (January 17, 2014, 2:31 PM EST) -- Shareholders of Chinese real estate company Glorious Property Holdings Ltd. on Friday voted down a HK$4.57 billion ($589 million) bid by the company's founder and former chairman to take the company private.

At a shareholder meeting Friday, shareholders rejected the buyout offer by Chinese billionaire Zhang Zhirong, who controls a majority of the shares, with 62 investors voting against the privatization plan and 58 investors voting for it, the company said.

The offer is deemed to have lapsed because it failed to receive shareholder support, the...
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