Fried Frank Seals $64M CEO Takeover Of Chinese Jeweler

Law360, New York (July 9, 2013, 4:32 PM EDT) -- Shareholders of diamond jeweler LJ International Inc. on Tuesday approved a $64 million buyout by the Chinese company's CEO and chairman and several private equity partners, the latest in a recent string of management buyouts of China-based, U.S.-listed companies.

At a shareholder meeting Tuesday, more than 83 percent of LJ International shareholders voted in favor of the deal, which would see the company merge with its parent, Cayman Islands-based Flora Bloom Holdings, and a Virgin Islands-based subsidiary for $2 per share.

The deal price represented a...
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