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’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.
Chancellor Urges Parties to Voluntarily Agree to Custodian’s Mediation Request
They call for an inquiry into the relationship between Delaware’s beleaguered Court of Chancery and the law firm of Skadden, Arps, Slate, Meagher & Flom LLP
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.
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.
TransPerfect co-founder Liz Elting reiterates her intention to bid for the company should it go to auction and says the language service provider would have a bright future even if neither of the two co-founders emerges as part of the winning bid.
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