LJ International Announces Shareholders’ Approval of Take-Private Transaction (Asia)
Source: LJ International, U.S. Securities and Exchange Commission
Hong Kong-based LJ International, a leading colored gemstone and diamond jeweler with retail and wholesale businesses, has announced its shareholders’ approval of a proposed management buyout by China-focused private equity firm FountainVest. Upon completion of the transaction, LJ International will be delisted from the NASDAQ Stock Market and owned by a consortium of investors including FountainVest and LJ International’s Chairman and CEO Yu Chuan Yih. The investors offered US$2.00 per ordinary share for an estimated buyout valued at US$64.1 million, of which FountainVest committed a total of US$52.5 million structured through its China Growth Capital Fund.