Akin Gump Advises Special Committee on the Take-Private of LJ International

(Hong Kong) - Akin Gump Strauss Hauer & Feld LLP has advised the special committee of the board of directors (“Special Committee”) in relation to the buyout of LJ International Inc., a leading colored gemstone and diamond jeweller with wholesale and retail businesses.  The deal closed on July 30, 2013, following approval of the $64 million buyout by the company's CEO and chairman and private equity partners, taking the company private. Prior to this take-private transaction, the company had been listed on NASDAQ. 

The firm advised the Special Committee on, among other things, the evaluation of the proposal to acquire all the outstanding ordinary shares of the company not owned by Mr. Yu Chuan Yih, chairman of the board of directors, president and CEO of the company, by Mr. Yih and Urban Prosperity Holding Limited, an entity owned and controlled by FountainVest China Growth Capital Fund, L.P.

On March 22, 2013, the company entered into an agreement and plan of merger with Flora Bloom Holdings, a Cayman Islands exempted company with limited liability, and Flora Fragrance Holdings Limited, a business company with limited liability incorporated under the laws of the British Virgin Islands and a wholly owned subsidiary of Flora Bloom Holdings, following which Flora Bloom Holdings acquired the company for US$2.00 per ordinary share of the company.

The Akin Gump team that advised the Special Committee was led by Asia practice head and Hong Kong partner in charge Greg Puff and Hong Kong corporate partner Zach Wittenberg, supported by associate Michelle Chan.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 850 attorneys in offices throughout the United States, Europe, Asia and the Middle East.

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