The Delaware court has approved the sale of TransPerfect shares to Phil Shawe and ruled that Liz Elting’s objections are without merit. Shawe will pay USD 770m, over 10 times EBITDA. Elting to receive USD 287m in after-tax net proceeds.
TransPerfect co-CEO Liz Elting is pushing the Delaware court to reject the sale of her shares to her co-founder Phil Shawe, claiming the custodian’s abuse of discretion and Shawe’s misconduct. Custodian’s lawyer cites five factors that merit the sale to Shawe.
TransPerfect wasted no time in moving its corporate domicile from Delaware to Nevada once the deadline for Co-founder Liz Elting to file a final appeal with the U.S. Supreme Court had passed on August 1, 2018.
TransPerfect grew 12.5% in 2017 and posts record USD 615M revenue for the full year, internal email reveals. Co-CEO Liz Elting calls custodian’s decision to approve sale to co-CEO Phil Shawe “surreal were it not concrete”.
Massive privacy breach at Translate.com, senior managers leaving TransPerfect in droves, RWS buying Moravia, Facebook launching neural machine translation, Pearl Linguistic going bust, and more than two dozen other stories that lit up the Slator website in 2017.
Language service provider TransPerfect acquires game localization specialist MoGi Group to expand within the highly specialized and growing niche.
TransPerfect cuts annual interest bill by USD 15m as it refinances loan used to secure sole ownership for Phil Shawe. CEO says there are sufficient funds for major acquisition.
Slator tracked over 70 language industry M&A transactions and reviewed the next steps founders took after selling their business.
Court battles loom as TransPerfect files lawsuit against Lionbridge over alleged misuse of confidential information obtained during 2017 court-imposed sale process.
Delaware Supreme Court rejects appeal and clears the way for sale of TransPerfect to co-founder and co-CEO Phil Shawe. Transaction expected to close on May 7, 2018.
The battle for TransPerfect appears to be over. The custodian informed staff that co-CEO Phil Shawe was given the nod to buy the remaining 50% from co-CEO Liz Elting.
TransPerfect’s Technology division loses more key executives as the wave of resignations by senior executives expands to London and the VP of Asia-Pacific.
Chief Technology Officer, Chief Information Officer, and a senior executive of TransPerfect’s Technology group resign, citing frustration with uncertainty created by sale process.
After the custodian in charge of selling TransPerfect threatens to exclude Co-CEO Phil Shawe from the sales process, Shawe sues in Federal Court. Translation productivity tool Wordfast emerges as major potential obstacle to sale.
Delaware media reports that mediation between TransPerfect’s two co-CEOs has failed. The source of the report is a lawyer for the court-appointed custodian in charge of selling the company. Shawe tells Slator mediation is not actually over until the mediator or the judge says so.
With the legal battle for the future of the company in its final stages, TransPerfect grows revenues by nearly 10% in the first half of 2017. June 2017 is the second best month in company history. Mediation between two warring Co-CEOs is ongoing.
Delaware judge orders mediation between TransPerfect co-CEOs Liz Elting and Phil Shawe in what State Senator calls a Hail Mary to avoid auctioning off the company. Elting lawyer confirms custodian in talks with parties interested in buying TransPerfect.
Lawyers for TransPerfect co-CEO Liz Elting call offer by 1% shareholder Shirley Shawe another attempt to frustrate the sale of the company as ordered by the court. Co-CEO Phil Shawe says it would end the deadlock and stop the sale.
Days after ex-employee files class-action suit over January 2017 data theft, TransPerfect is confronted with USD 50m lawsuit by former executive Brooke Christian, who used to be part of company’s inner circle.
Delaware Supreme Court upholds decision to sell TransPerfect to highest bidder via auction. While co-CEO Liz Elting says she is extremely gratified, fellow co-CEO Phil Shawe vows to appeal to the US Supreme Court.
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