Whitebox Advisors, holding a significant equity share of the South Korean industrial conglomerate LG, has issued an open letter to its fellow shareholders informing them that it will vote “no” on a proposed spin-off of certain corporate assets, and urging them to do likewise to “protect the value of [their] investment” at a meeting planned for late March.
The $5.5 billion hedge fund manager expressed concern that LG is selling at an “enormous price discount relative to its net asset value.” The letter acknowledged that a wide discount is typical of Korean holding companies, but . . .
Continue Reading
Unlock this article instantly, along with the rest of our premium content and daily, weekly and monthly newsletters. We offer pay-as-you-go monthly subscriptions and discounted annual subscriptions with additional benefits: access to Alternatives Watch Research articles and our Annual Investor Compendium.
