In $8 billion Samsung bid, some Koreans break ranks to side with foreign activist

In a country with a record of hostility towards foreign capital, some local investors are breaking with tradition as they side with a U.S. hedge fund opposing an $8 billion merger seen vital to the transfer of leadership at South Korea's top conglomerate. Hundreds of Samsung C&T Corp's 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 , an affiliate of Samsung Group and the conglomerate's de facto holding company. Heirs of Samsung Group's founding Lee family want the merger to consolidate holdings of key affiliates including Samsung Electronics Co Ltd into a company under their control.

In $8 billion Samsung bid, some Koreans break ranks to side with foreign activist source: http://finance.yahoo.com/news/8-billion-samsung-bid-koreans-032608061.html