Dalian Wanda buyout deal gets Glass Lewis backing

Hong Kong

BILLIONAIRE Wang Jianlin's US$4.4 billion proposal to privatise Dalian Wanda Commercial Properties Co drew support from Glass Lewis, which advised investors to vote for the plan.

The buyout offer's rationale is "fairly standard" and "straightforward", according to a Glass Lewis report seen by Bloomberg. The proxy advisory firm is "inclined to agree" that the buyout of listed shares is in the interest of those shareholders. Under the plan, Wanda would pay HK$52.80 for each Hong Kong-traded share of Mr Wang's property unit, 10 per cent more than the IPO price of HK$48. The real estate company listed in Hong Kong two years ago.