An extension of the deadline by another three weeks will also apply to any shareholders or creditors who wish to object to the proposed buy-out by Pacific Century Regional Developments, Mr Li's Singapore-listed holding company, and China Unicom, PCCW's largest and second largest shareholders respectively.
PCCW will then be given a week to respond before a two-day hearing is held on April 1 to approve or reject the deal. The deal will lapse if it is not completed by April 23.
PCCW shareholders voted in favour of the HK$4.50 per share offer at an extraordinary general meeting held on February 4. But the Securities and Futures Commission seized voting records after a local shareholder alleged there was evidence of a scheme to manipulate the poll. According to David Webb, hundreds of insurance agents had been given shares in PCCW in return for their support.