Trina Founder Seeks to Take Biggest Solar Company PrivateReed Landberg
Trina Solar Ltd., the world’s biggest solar manufacturer, said it received a preliminary approach from its chairman and founder Jifan Gao to take the company private.
The offer is a 21.5 percent premium to its stock price on Dec. 11. The company, whose American depositary shares had a market value of $880.2 million at last week’s close, said its board has formed a committee to evaluate the proposal.
Gao made the offer in a letter dated Dec. 12 along with a buyer group that includes Shanghai Xingsheng Equity Investment & Management Co., Ltd., a subsidiary of Industrial Bank Co.
The group would buy all of the outstanding shares of the company not already owned by Gao and the bank for $0.232 in cash per ordinary share, or $11.60 in cash per ADS.
Trina said the deal represents a premium of approximately
21.5 percent above the closing price of its ADSs on Dec. 11 and about 20.2 percent more than the average closing price of the units over the last 90 trading days.
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