RAPAPORT... LJ International Inc. formed a special committee of disinterested directors to consider a non-binding proposal to take the company private. The board appointed independent directors, Xiang Xiong Deng, Jin Wang and Jieyun Yu, to consider a bid from Yu Chuan Yih, the company's president along with Urban Prosperity Holdings Limited, to acquire all of the outstanding ordinary shares not currently owned by Yih for $2 per share.
The committee intends to retain an independent financial advisor and legal counsel to assist it in its work, according to the board. No decisions have been made with respect to the company's response to the proposed transaction.
Shares in LJ International were trading at $1.82, down 1.6 percent in New York as of 1 p.m.