South Korea court to rule on U.S. fund's bid to block Samsung deal by July 1

A South Korean court on Friday said it will rule by July 1 on U.S. hedge fund Elliott's injunction request to block a Samsung C&T Corp shareholder vote on an $8 billion takeover bid from Cheil Industries Inc . In an unusual example of shareholder activism in South Korea, the fund told the court Cheil's all-stock offer was designed to pave the way for a leadership succession in the family-run Samsung conglomerate and did not serve the best interests of other shareholders. Investors and analysts say a Cheil-C&T merger would consolidate stakes in key firms like smartphone maker Samsung Electronics Co Ltd into a company controlled by the founding Lee family heirs.

South Korea court to rule on U.S. fund's bid to block Samsung deal by July 1 source: http://finance.yahoo.com/news/south-korea-court-rule-u-061847780.html