Just minutes before a meeting at which PCCW shareholders were expected to reject an initial buy-out proposal priced at HK$4.20 a share, Mr Li and China Unicom, PCCW's two largest shareholders, yesterday lifted their offer by 7.1 per cent to US$2.2bn, or HK$4.50 a share. The revised offer was final, they said. A vote on the new bid has been adjourned and is likely to take place in February.

The revised offer failed to quell concerns among minority shareholders, some of whom said the price was still too low and they were unhappy that under the deal, PCCW and Unicom would get a US$2.2bn cash dividend shortly after completion of the transaction.

The latest move to take PCCW private follows a string of failed attempts by Mr Li – son of Hong Kong tycoon Li Ka-shing – to sell core assets.