Cheil Industries Inc: Heirs of Samsung Group founding Lee family want the merger to consolidate holdings of key affiliates including Samsung Electronics Co Ltd <005930.KS> into a company under their control, according to Euro News. Opponents say the Lee family should pay a higher price. Hundreds of Samsung C&T Corp <000830.KS> small stakeholders have converged on a public web forum in recent days to protest what they say is a low-ball all-stock takeover offer from Cheil Industries Inc <028260.KS>, an affiliate of Samsung Group and the conglomerate de facto holding company. The online protest is unusual in a culture where South Korea big family-controlled conglomerates, or chaebol, are seen as pillars of the country economy and typically get their way. 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 top web portal. Simply appealing to a sense of patriotism to get a deal done is no longer acceptable, the protesting investors say.
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Tagged under Cheil Industries Inc, holding company topics.