Canadian Solar Inc (NASDAQ:CSIQ) announced on Thursday that it is still assessing the go-private proposal from its chief executive officer and due diligence is to be completed by end-September.
The company received in December 2017 a non-binding proposal by its chairman, president and CEO, Shawn Qu, to buy out and delist the company. Qu is offering to pay USD 18.47 (EUR 14.8) in cash for every common share not already owned by him and his wife, Hanbing Zhang.
According to Canadian Solar’s statement, the special committee of its board of directors and its financial and legal advisors continue to review the offer but no firm decision has been taken regarding the proposed transaction. Qu has meanwhile hired financial counsel and is holding talks with potential equity partners and debt financing sources. They have a deadline to complete the due diligence on the company by the end of this month, Canadian Solar said.
The solar photovoltaic (PV) products manufacturer and solar installer noted that there is no assurance that a definitive offer will follow the “going private” proposal or any agreement will be reached, approved or completed.
Last year, JA Solar Holdings, went private after its chairman and CEO completed the buyout of the company. Trina Solar also ceased to be a publicly-traded company after completion of a buyout by an investor consortium led by its chairman and CEO. Hanwha Q Cells Co Ltd’s (NASDAQ:HQCL) is currently assessing a going-private proposal by Hanwha Solar Holdings Co Ltd, a unit of Hanwha Chemical Corp (KRX:009830), launched in August.
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