Trina Solar has received an offer from its Chairman and CEO Jifan Gao to buy all the shares in the company that he does not own, to privatise the Chinese company.
The preliminary non-binding proposal letter is for US$0.232 in cash per ordinary share, or US$11.6 in cash per ADS, which represents a premium of approximately 21.5% above the closing price of the company’s ADSs on December 11, 2015 and a premium of approximately 20.2% above the average closing price of the company’s ADSs over the last 90 trading days.
Trina Solar’s board has formed a special committee consisting of two independent directors to consider the proposal.
Last month, wind turbine maker China Ming Yang Wind Power received an offer from its Chairman and Chief Executive Officer, Chuanwei Zhang to take the company private.