GUELPH, Ontario — Canadian Solar Inc. announced that its Board of Directors has received a preliminary, non-binding proposal letter dated December 9, 2017, from its Chairman, President and Chief Executive Officer, Dr. Shawn (Xiaohua) Qu to acquire all of the outstanding common shares of the Company not already beneficially owned by Dr. Qu and his wife, Ms. Hanbing Zhang, in a “going-private” transaction for cash consideration of US$18.47 per common share.
A copy of the Proposal Letter can be found here as Annex A to this press release.
The Board has formed a special committee of independent and disinterested directors to consider the Proposed Transaction. The Company expects that the Special Committee will retain independent advisors, including independent legal and financial advisors, to assist it in this process.
The Board cautions the Company’s shareholders and others considering trading in the Company’s securities that the Board has just received the Proposal Letter and has not had an opportunity to carefully review and evaluate the Proposed Transaction or make any decision with respect to the Company’s response to the Proposal Letter. The Board also cautions that there can be no assurance that any definitive offer relating to the Proposed Transaction or any other transaction will be made by Dr. Qu or any other person, that any definitive agreement with respect to the Proposed Transaction or any other transaction will be executed or that the Proposed Transaction or any other transaction will be approved or consummated.
The Company does not undertake any obligation to provide any updates with respect to the Proposed Transaction or any other transaction except as required by applicable law.Tagged with Canadian Solar