March 12 (Renewables Now) - The shareholders of JA Solar Holdings Co Ltd (NASDAQ:JASO) voted today in favour of the Chinese solar products maker’s proposed acquisition and delisting, but the completion of the transaction does not seem to be 100% certain yet.
JA Solar said in a statement that the Plan of Merger was backed by more than 90% of the ordinary shares voted at the extraordinary general meeting held today. Just about 56.5% of the company’s total outstanding ordinary shares were presented at the meeting though. Moreover, before the meeting, JA Solar had received written notices of objection validly served by shareholders who represent more than 10% of the company’s total outstanding ordinary shares, it said.
Under the terms of the merger agreement, the deal could be terminated if the holders of more than 10% of ordinary shares have validly served notices of objection. The buying side now has 10 business days to decide on whether to grant an irrevocable waiver of this condition.
The deal was signed in November when a group led by the chairman and CEO of JA Solar, namely Baofang Jin, agreed to take over and delist the company at an equity value of USD 362 million (EUR 294m). If the parties proceed with the transaction, each JA Solar ordinary share will be cancelled and cease to exist in exchange for the right to receive USD 1.51 in cash without interest. The holders of American depositary shares (ADSs), each representing five shares, will get USD 7.55 apiece in cash without interest.
Jin and some other existing stockholders are to roll over their JA Solar shares in the transaction.
(USD 1.0 = EUR 0.813)