Type to search

Banking News Professional Services

Delaware judge approved sale of TransPerfect Global

Avatar photo
Share

(AP) — A Delaware judge has approved the sale of TransPerfect Global, a translation services company he ordered to be sold because of “complete dysfunction” and hopeless deadlock over its management between its feuding co-founders and sole directors.

The judge on Thursday approved the acquisition of the company by co-founder Philip Shawe, who agreed to purchase the shares of his former business partner and fiancee, Elizabeth Elting, for $385 million in cash, subject to certain adjustments.

The deal is expected to yield Elting about $287 million in after-tax net proceeds. She nevertheless objected to the sale to Shawe, arguing that a court-appointed custodian should have negotiated a deal with TransPerfect’s largest competitor.

Thursday’s ruling was the latest chapter in a long, bitter legal saga pitting Shawe against Elting

Get the free DBT email newsletter  

Follow the people, companies and issues that matter most to business in Delaware.

Tags:

You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *

Premier Digital Partners

© 2022 Delaware Business Times

Get the DBT Best Restaurants Guide

Your go-to resource for the best places for business meetings, happy hours, power lunches and more, as compiled by the Delaware Business Times editorial team.

No, thank you.
Best Restaurants Cover