Shearman & Sterling has advised the special committee of the board of directors of E-commerce China Dangdang on its $556 million go-private transaction, with Skadden, Arps, Slate, Meagher & Flom advising the buyer group.  

The buyer, Dangdang Holding Company, intends to fund the merger through a combination of rollover financing from rollover shareholders of 136.5 million shares.

The NYSE-traded China Dangdang is the most recent example of Chinese companies listed in the U.S. that are being taken private. Some 40 U.S.-traded Chinese firms have proposed privatization in the past 12 months, although the number that have completed the process is thought to be less than 10. 

The Shearman & Sterling team on the transaction is led by partner Stephanie Tang, with Maples and Calder serving as the Cayman Islands legal counsel to the special committee, and Walkers acting as the Cayman Islands legal counsel to the buyer group.