A legal expert involved in Dangdang’s take-private transaction reminds companies that such a transaction is a long and complicated process, with related parties needing to overcome many obstacles.
Shearman & Sterling was US legal counsel to Dangdang’s special committee, and the firm’s team was led by Stephanie Tang, a New York-admitted lawyer and partner in the law firm’s Hong Kong office. Tang told China Business Law Journal that many Chinese take-private deals were mainly led by management, who often sat on the board of directors of the company.
“You can see that there are inherent conflicts of interest at the transactional level. So that’s why almost every management-led take-private deal has a special committee of the board of directors to evaluate the going-private transaction,” she said.
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