Shout, shout, Elliott loses out. Samsung will merge with itself after all
US activist fund murmurs something about being ‘disappointed’
Shouty US investment firm Elliott Associates has itself been shouted down by Samsung shareholders, who today voted in favour of the company's mega merger with itself.
Ever since becoming a Sammy shareholder in June, Elliot has been vociferous in its opposition to the proposed merger with fashion, leisure and construction biz Cheil Industries, a company in which the tech giant already owns a sizable stake.
In June it had mounted a legal challenge to the merger, expected to create an entity with revenues of £40bn by 2020. But a South Korean court rejected its case.
Now the company has lost its final attempt to derail the deal, as shareholders today gave it their blessing.
A spokesman from the firm said: "Elliott is disappointed that the takeover appears to have been approved against the wishes of so many independent shareholders and reserves all options at its disposal." ®