China Ming Yang Wind Power Group’s board of directors has formed a special committee of independent directors to evaluate the preliminary non-binding proposal from its chairman and CEO Chuanwei Zhang to acquire all of the company’s outstanding shares not already owned by him.
The special committee is composed of Dabing Zhou and Steve Markscheild, who are independent directors of the company and are unaffiliated with the proposal. Zhou is the chairman of the committee. The committee expects to retain independent advisors, including an independent financial advisor and legal counsel, to assist it in the process of reviewing and evaluating the proposal.