Auction Design Could Streamline TikTok's US Asset Sale
Law360, New York (September 11, 2020, 5:39 PM EDT) -- In August, President Donald Trump signed an executive order mandating that TikTok either: (1) sell its U.S. operations and transfer TikTok's American user data to U.S. servers by mid-September or (2) cease transactions within the U.S.
Prior to the executive order, the Chinese internet company ByteDance Ltd., the owner of TikTok, already had received inquiries to be acquired. According to The New York Times, "[p]rices for a potential deal have ranged from $20 billion to $50 billion."
In an additional twist, according to The Wall Street Journal, the Chinese government recently issued new restrictions that make it uncertain if the app's...
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