Home Delaware Deal to sell TransPerfect to co-owner Shawe reported

Deal to sell TransPerfect to co-owner Shawe reported

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Deal to sell TransPerfect to co-owner Shawe reported
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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.

“We are cautiously optimistic in the Custodian’s decision.  Assuming this outcome is certified, it would leave TransPerfect and thousands of solid middle-class jobs intact,” stated Chris Coffey, campaign manager for Citizens for a Pro-Business Delaware. “There are so many families who will have something to be extra thankful for this Thanksgiving. We will follow the sale process closely in the hopes that it is resolved as described by the Custodian’s letter to employees.”
 
Citizens represented TransPerfect employees and has campaigned against a forced sale. It was feared that selling a company to a competitor would lead to mass layoffs. 

 

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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. 

 
 
 
 
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