The long-running battle for translation services company TransPerfect may be winding down.
Slator, a website that covers the industry reported that company custodian Robert Pincus disclosed in a letter to employees that Philip Shawe will purchase the 50 percent of the company owned by Elizabeth Elting.
Shawe owns 49 percent of the company and his mother owns 1 percent. The deal would be subject to approval by Chancery Court. The court had earlier appointed Pincus to handle the sale of the company after Shawe and Elting could not get along as co-CEOs of the company.
A former couple, Shawe and Elting were able to work for many years as co-owners as the company grew to become one of the major players in an industry that has been growing rapidly in a global economy. TransPerfect had also expanded into other business service areas.
Shawe had waged a fight on all fronts against a forced sale in Delaware and New York.
Citizens for a Pro-Business Delaware sought legislative approval of a three-year cooling off period for any forced sale. The state’s corporate law community opposed the change.
The group ran advertising in Delaware and in other states on the effect of the sale on the state’s corporate law system and cited a recent drop in a rating from the U.S. Chamber of Commerce.
The battle over the sale had taken a toll, with executives in technology and other areas handing in their resignations. TransPerfect, while incorporated in Delaware, has no physical presence in the state.
