Minority shareholders in holding company Pacific Century Regional Developments (PCRD) have rejected an approximately $1.2 billion buy-out bid of PCCW, PCRD's telecom arm. The bid was offered by a consortium including telecom tycoon Li Ka Shing, which had offered to pay PCRD S$0.305 a share for its 23 per cent stake in PCCW, compared with PCCW's market value of S$0.415.

However, the sale was opposed by 76 per cent of PCRD's minority shareholders because PCCW's sale price was reportedly undervalued. Interestingly, Richard Li, PCRD's chairman and owner of 75 per cent of the company's stock, was not allowed to vote on the transaction due to family ties with Li Ka Shing.