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Hedge Funds Demand Chinese Buyers Pay More in M&A Deals

(Bloomberg) For years, Chinese executives pulled off multibillion-dollar buyouts of their public companies with little pushback from investors. Now, they are facing a backlash from hedge funds demanding better payouts. One pioneer has been Maso Capital, which has disputed the valuations of at least six transactions since 2015 claiming insiders at Chinese firms underpaid when taking them private. In April, the Hong Kong-based hedge fund had its first victory when a Cayman Islands court awarded it 2.35 times the price paid for shares of Shanda Games Ltd. in the developer’s 2015 buyout.

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