Trina Solar Receives Management Buyout Offer
Trina Solar, one of the world’s leading solar PV manufacturers, has received a buyout offer from its chairman and chief executive.
In a press release published Monday, Chinese-based Trina Solar revealed that its board of directors had received a “preliminary non-binding proposal letter” from the company’s Chairman and Chief Executive, Mr Jifan Gao, in conjunction with Shanghai Xingsheng Equity Investment & Management.
The Buyer Group — Mr Jifan Gao and Shanghai Xingsheng Equity Investment & Management — is proposing to acquire all of Trina Solar’s outstanding shares it does not already own, including ordinary shares represented by American depository shares (ADS), for $0.232 in cash per ordinary share, or $11.6 in cash per ADS (a premium of approximately 21.5% above Trina Solar’s closing price on December 11 — the day before the proposal was dated).
The “going-private transaction” is set to be financed through a combination of debt and equity capital.
News of the proposed acquisition had a not-so-surprising impact on Trina Solar’s shares, which jumped 11% in after-hours trading and grew to $10.60 during Monday trading.
Trina Solar has responded to the proposal by forming a special committee to consider the proposal.
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Latest CleanTechnica.TV Video
CleanTechnica uses affiliate links. See our policy here.