Perfect Corp. founder moves to take the company private
Money MovesAlice Chang offers $2.00 a share to buy back the beauty-tech firm she listed in 2022
July 10th, 2026: Definitive merger agreement signed at $2.00 a shareNew here? Follow stories to track developments over time. Create a free account to get updates when stories you care about change.
Overview
Updated Jul 10Perfect Corp. joined the New York Stock Exchange in October 2022 at the usual $10 blank-check price. On July 10, 2026, its founder signed a deal to buy the company back for $2.00 a share.
The cash offer is a 48% premium to where the stock traded before the bid. It is also about 80% below the 2022 debut price. Founder Alice Chang and affiliate CyberLink already control roughly 81% of the vote, so the result is close to settled.
Why it matters
Investors who bought Perfect Corp. at its 2022 market debut will be cashed out at $2.00 a share, far below the $10 price they paid.
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People Involved
Organizations Involved
A Taiwan-based maker of AI and augmented-reality software that powers virtual try-on for beauty and fashion brands.
Three independent directors set up to weigh the founder's buyout and protect minority investors.
The Taiwan software firm that Chang founded and from which Perfect Corp. was spun out.
Timeline
October 2022 July 2026
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Definitive merger agreement signed at $2.00 a share
Latest DealPerfect Corp. agrees to be taken private by ProjectNY, an entity Chang controls, for $2.00 a share in cash. The deal is expected to close in the last quarter of 2026.
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Special committee hires advisers
ProcessThe committee retains Kroll, LLC as financial adviser and DLA Piper as legal counsel to evaluate and negotiate the offer.
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Founder proposes a buyout at $1.95 a share
ProposalA group led by Alice Chang and CyberLink offers to take Perfect Corp. private. The board forms an independent special committee to review it.
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Perfect Corp. goes public on the NYSE
Market DebutThe company completes a merger with blank-check firm Provident Acquisition Corp., valuing it near $1.02 billion, and starts trading under the ticker PERF.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
Dell goes private (2013)
Founder Michael Dell teamed with investment firm Silver Lake to buy Dell for about $24.9 billion and take it off the market. Activist investor Carl Icahn fought the price as too low, and some holders demanded a court appraisal.
Dell raised its offer slightly and won a shareholder vote after a bruising fight.
A Delaware court later ruled the deal had undervalued the company, awarding dissenting holders more per share.
It shows how a founder buying back his own company draws scrutiny over whether public holders got a fair price.
Focus Media relists after U.S. exit (2013–2015)
Chinese advertising firm Focus Media was taken private from Nasdaq by its founder and buyout partners for about $3.7 billion. Two years later it returned to a Chinese exchange at a valuation several times higher.
U.S. shareholders were cashed out at the buyout price and lost future upside.
The founder captured much of the value once the company relisted at home.
It shows the payoff a founder can capture by buying out public holders cheaply, then unlocking value elsewhere.
Qihoo 360 take-private (2015–2016)
A group led by Qihoo 360's chairman bought the Chinese internet firm off the New York Stock Exchange for about $9.3 billion, one of the largest of dozens of such deals. Backers argued U.S. markets undervalued Chinese companies.
The company delisted from New York at a premium to its depressed U.S. price.
It later pursued a much higher valuation on a Chinese exchange.
Perfect Corp. fits the pattern of an Asia-based, U.S.-listed firm that its founder buys back after the shares languish.
