Minority shareholders in Hong Kong telecommunications carrier PCCW must be wondering what is going on at their company. In a blur of activity in June, two separate private equity buyers, Macquarie Bank and Texas Pacific Group, emerged to battle for control of the company’s key telecom and media assets.
A contested auction for the company’s prize assets should have been just the tonic for PCCW’s long-suffering shareholders. After all, they have watched helplessly as management has destroyed more than three-quarters of their shares’ value since the acquisition of Hongkong Telecom in July 1999, with the stock underperforming the Hang Seng index by 130% [see chart].
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