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Perfect Corp. founder moves to take the company private

Perfect Corp. founder moves to take the company private

Money Moves

Alice Chang offers $2.00 a share to buy back the beauty-tech firm she listed in 2022

Yesterday: Definitive merger agreement signed at $2.00 a share

Overview

Perfect 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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Key Indicators

$2.00
Cash offer per share
What each remaining public shareholder receives if the deal closes.
48%
Premium to pre-offer price
Measured against the March 17, 2026 close, the last day before the bid became public.
81%
Voting power backing the deal
Chang and CyberLink together control most of the vote and have agreed to support the merger.
67%
Shareholder approval needed
The merger requires two-thirds of votes cast at an extraordinary general meeting.
$1.02B
2022 SPAC merger valuation
The value placed on Perfect Corp. when it went public four years ago.

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People Involved

Organizations Involved

Timeline

October 2022 July 2026

4 events Latest: Yesterday
Tap a bar to jump to that date
  1. Definitive merger agreement signed at $2.00 a share

    Latest Deal

    Perfect 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.

  2. Special committee hires advisers

    Process

    The committee retains Kroll, LLC as financial adviser and DLA Piper as legal counsel to evaluate and negotiate the offer.

  3. Founder proposes a buyout at $1.95 a share

    Proposal

    A group led by Alice Chang and CyberLink offers to take Perfect Corp. private. The board forms an independent special committee to review it.

  4. Perfect Corp. goes public on the NYSE

    Market Debut

    The 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.

February–October 2013

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.

Then

Dell raised its offer slightly and won a shareholder vote after a bruising fight.

Now

A Delaware court later ruled the deal had undervalued the company, awarding dissenting holders more per share.

Why this matters now

It shows how a founder buying back his own company draws scrutiny over whether public holders got a fair price.

December 2015–July 2016

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.

Then

The company delisted from New York at a premium to its depressed U.S. price.

Now

It later pursued a much higher valuation on a Chinese exchange.

Why this matters now

Perfect Corp. fits the pattern of an Asia-based, U.S.-listed firm that its founder buys back after the shares languish.

2013–2015

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.

Then

U.S. shareholders were cashed out at the buyout price and lost future upside.

Now

The founder captured much of the value once the company relisted at home.

Why this matters now

It shows the payoff a founder can capture by buying out public holders cheaply, then unlocking value elsewhere.

Sources

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