Hong Kong Businessman Richard Li and China Unicom Make $1.9 Billion Offer for PCCW Ltd

With the purpose of wanting to take the largest fixed-line operator in Hong Kong private, Richard Li and China Unicom have made a $1.9 billion offer to gain control of the entire company.

At this time there shareholders own 52 percent of PCCW Ltd, and if 10 percent or over of shares reject the offer, the deal won't go through.

The offering price of HK$4.20 ($0.54) is a 53 percent premium over the last day the shares traded on October 14 at HK$2.75. Trading has been suspended on the company since then.