Share swap could jeopardise share placement by independent shareholders
Plans by Pacific Century CyberWorks for a share swap with Nasdaq-listed CMGI could jeopardise a share placement exercise by independent shareholders in CyberWorks, claims China Online - formerly Star Telecom - an independent shareholders.
A China Online official also criticised Credit Suisse First Boston, which is arranging the placement, claiming CSFB had not kept China Online informed about the placement and other related events.
'We only knew about the share placement from newspaper reports,' a China Online official said.
CSFB is arranging the placement of 560 million CyberWorks shares. The placement - which was due to be priced at CyberWorks' closing price yesterday - was postponed until next Monday.
The China Online official denied rumours the firm would withdraw from the placement.
CyberWorks and CSFB dismissed China Online's complaints.
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