Skadden on YY's $2.4B Chinese Go-Private Deal
The video social networking company is the latest U.S.-listed Chinese company planning its return to China's stock exchanges.
July 13, 2015 at 01:41 AM
3 minute read
Skadden, Arps, Slate, Meagher & Flom is representing a group of buyers on a $2.4 billion proposal to privatize Nasdaq-listed Chinese social networking company YY Inc.
On Thursday, chief executive David Li and chairman Lei Jun offered to buy the shares they don't already own—about 65 percent of all the shares outstanding—in Guangzhou-based YY. The offer represents a 17.4 percent premium over the company's trading price on Wednesday, valuing YY at $3.7 billion.
YY was founded a decade ago by Li, a journalist turned internet entrepreneur, with a $1 million angel investment from Lei, who later founded phonemaker Xiaomi Inc. The company offers services including live video chat, interactive live performance and online education. YY went public on the Nasdaq in 2012 and now has over 300 million users.
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