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.
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