Shareholders approve $4.4bn Wanda buyout

Shareholders voted Monday to accept Chinese property-and-entertainment conglomerate Dalian Wanda Group Co.’s $4.4 billion buyout offer for its Hong Kong-listed commercial property unit, according to The Wall Street Journal. Dalian Wanda Commercial Properties Co., China’s largest commercial property developer, held a shareholder meeting Monday morning to vote on the plan. The company, controlled by Chinese billionaire Wang Jianlin, will now proceed to delist from the Hong Kong stock exchange before relisting shares on a Chinese domestic stock exchange. The shareholder vote in favor of the privatization deal comes after Wanda raised its initial offer by 10% to 52.80 Hong Kong dollars a share. In July, Wanda Commercial’s two largest outside shareholders, Kuwait Investment Authority and China Life Insurance Group Co., stated they would accept the improved offer.