Richard Li has decided not to appeal against a Hong Kong court decision that terminated his planned privatization of PCCW.
In another U-turn on the case, Li’s Singapore-listed Pacific Century Regional Developments (PCRD) group said in a statement last night it would draw “a line under the matter.’
Two weeks ago PCRD said it would proceed with the case in the Court of Final Appeal after being given the go-ahead by the court.
But it said last nigh that while it believed the case for the appeal was strong, this would mean “many further months of distraction.”
“The board therefore believes its shareholders’ best interests are served by drawing a line under this matter and focusing on the future,” it said.
Li’s $2 billion attempt to buy out the incumbent telco was accepted by shareholders but blocked by the Hong Kong Court of Appeal in April over the use of a controversial share-splitting scheme.
Li said at the time he would let the matter drop, but then in May declared the company would lodge an appeal.
This latest decision looks to be the end of the matter.