Perfect Corp. (NYSE: PERF), the AI-powered beauty and fashion technology company, announced on July 10, 2026 that it will be taken private through a merger with ProjectNY — an acquisition vehicle controlled by founder and Chairwoman Alice H. Chang. Shareholders will receive $2.00 per share in cash, representing an approximately 48.1% premium over the closing price prior to the first non-binding proposal.

Under the merger structure, ProjectNY will merge into Perfect Corp. under Cayman Islands law, with Perfect Corp. surviving as a private company. Shares held by Chang-affiliated parties and certain CyberLink holdings will not be cashed out — they will be retained as rollover equity in the surviving private entity.

The support agreements covering Chang-affiliated parties and CyberLink represent approximately:

• ~53.4% of Perfect Corp.'s issued share capital
• ~81.2% of total voting rights

This concentration makes general meeting approval highly probable. However, because this is a related-party transaction, the process is centered on the independent special committee's fairness evaluation and minority shareholder protections — both of which are subject to SEC scrutiny under Schedule 13E-3.

Perfect Corp. provides virtual try-on, AI-powered skin analysis, image processing, and generative AI solutions to beauty, fashion, jewelry, and retail companies globally. The transaction represents a growing trend: specialist AI/SaaS companies with limited public market valuations being taken private by their founders.

Key structural features of this deal:

• Cash-funded, founder-led take-private — financing sourced entirely from the company's and its subsidiaries' existing cash, with no traditional bank or private equity financing
• Rollover equity preservation — controlling shareholders retain economic exposure while the public minority is cashed out
• Founder continuity — Alice Chang remains in control post-closing, preserving strategic direction without public market pressures

Closing is targeted for Q4 2026, subject to:

1. Approval by at least two-thirds of votes cast at an extraordinary general meeting
2. Other customary closing conditions

The U.S. capital markets process requires Perfect Corp. and ProjectNY to:

• File a Schedule 13E-3 transaction statement with the SEC
• Distribute a proxy statement to shareholders
• Complete the SEC comment process
• Following closing, delist Perfect Corp. shares from NYSE and terminate Exchange Act registration

As of the morning of July 13, 2026, no related company disclosure appears on KAP's current filings screen. No new entries are visible in the "Merger, Transfer, Demerger" or "Tender Offer" categories. No new binding transaction of equivalent significance involving a Turkish company was identified in this reporting period.

This analysis is prepared by ULF New York for informational purposes only and does not constitute legal advice. For guidance on cross-border M&A transactions, SEC compliance, or take-private structuring, contact our New York office.