DOVER, Del. (AP) - A Delaware judge has approved the sale of TransPerfect Global, a translation services company he ordered to be sold because of "complete dysfunction" and hopeless deadlock over its management between its feuding co-founders and sole directors.
The judge on Thursday approved the acquisition of the company by co-founder Philip Shawe, who agreed to purchase the shares of his former business partner and fiancee, Elizabeth Elting, for $385 million in cash, subject to certain adjustments.
The deal is expected to yield Elting about $287 million in after-tax net proceeds. She nevertheless objected to the sale to Shawe, arguing that a court-appointed custodian should have negotiated a deal with TransPerfect's largest competitor.
Thursday's ruling was the latest chapter in a long, bitter legal saga pitting Shawe against Elting.
