US$4.4b buyout proposal for Wanda wins support

Hong Kong

INSTITUTIONAL Shareholder Services Inc recommended shareholders support Wang Jianlin's US$4.4 billion buyout plan for Dalian Wanda Commercial Properties Co, adding momentum to the billionaire's campaign for Hong Kong's biggest-ever privatisation deal.

The influential shareholder advisory firm's endorsement, dated Aug 1, comes days after rival Glass Lewis & Co gave the same recommendation. China Life Insurance Co and Kuwait Investment Authority, the two biggest holders of Wanda Commercial's listed shares, last month said they would vote in favour of the deal.