LJ International said Monday that it has received a non-binding proposal letter from Chairman and CEO Yu Chuan Yih to buy all the outstanding ordinary shares of the company not currently owned by Yih for $2 a share. FountainVest Partners is joining Yih, who owns about 11% of outstanding shares, in the bid. Hong Kong-based [...]
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Publicly traded LJ International Inc. will sell a stake in its subsidiary, Enzo Jewelry, to private equity firms FountainVest Partners and Spring Capital Asia. Under the terms of the agreement, the private equity firms will make an initial investment of $41.38 million, including an investment of $31.40 million in newly issued Enzo shares and an acquisition of existing shares of Enzo from LJ International in the amount of $9.98 million. Following the deal, the firms will own 28.27% of Enzo.