The firm provides photovoltaic (PV) modules, solutions, and services.
The company had announced that its board of directors had received a preliminary non-binding proposal from its chairman and CEO JifanGao, and Shanghai Xingsheng Equity Investment & Management Co, a subsidiary of Industrial Bank Co that is incorporated in the People’s Republic of China.
Dated 12 December 2015, the letter states the intention of the buyer group to procure all of the outstanding shares of the company not owned by the buyer group.
JifanGao and the buyer group have offered $0.232 in cash per ordinary share or $11.60 in cash per American Depository Share (ADS).
The price tag values the entire company at $986 and represents a 21.5% premium over Friday’s closing price of the company’s ADS.
A special committee of two independent directors, Sean Shao and Qian Zhao, has been formed to review the proposal.
The board, excluding JifanGao, is reviewing and evaluating the proposal.
Last week, it was announced that Trina Solar will supply 96.2MW of modules to a solar project in Japan, as part of an agreement signed with Toyo Engineering.
Developed by Pacifico Energy, the Hosoe Mega solar project is anticipated to be the largest solar power project in Kyushu.
Planned to be built on 140ha of land, the plant is expected to enter into service in 2018.
The project will generate clean electricity enough to power about 30,000 households, and displace 68,200 tons of CO2 emissions annually when compared to coal-generated power.
Image: Trina Solar provides photovoltaic (PV) modules, solutions, and services. Photo: courtesy of graur codrin / FreeDigitalPhotos.net
