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 . . .
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