Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Hutchison Telecommunications Internationa...
February 24 2010 - 11:47AM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
Hutchison Telecommunications International Limited (“Hutchison
Telecom” or the “Company”) (NYSE:HTX) related to a privatization
proposal from the Company’s controlling shareholder and Hutchison
Whampoa Limited (“HWL”). The proposed transaction is valued at
approximately $545 million.
Under the terms of HWL’s proposal, each share of Hong Kong-based
Hutchison Telecom held by the Company’s shareholders, other than
those shares which are wholly owned by HWL, on a record date to be
announced will be canceled in exchange for HK$2.20 in cash. Holders
of Hutchison Telecom American Depositary Shares (“ADS”) will
receive the U.S. dollar equivalent of HK$33.00 in cash, before fees
and taxes, for each Hutchison Telecom ADS. The investigation
concerns possible breaches of fiduciary duty and other violations
of law related to approval of the transaction by the Hutchison
Telecom board of directors.
If you own shares of Hutchison Telecom, if you have information
or would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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