JA Solar's head closes company buyout

Author: bfishadow. License: Creative Commons, Attribution 2.0 Generic

July 17 (Renewables Now) - JA Solar Holdings Co Ltd (NASDAQ:JASO) is no longer publicly traded after a group led by its chairman and CEO completed the buyout of the company.

The Chinese solar power products manufacturer has requested that trading of its American depositary shares (ADSs) on the Nasdaq Stock Market be suspended as of July 17, 2018, it said on Tuesday.

The deal was signed in November when a group led by chairman and CEO Baofang Jin agreed to take over and delist the company at an equity value of USD 362 million (EUR 309m). Under the terms, 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 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, which was approved by JA Solar’s stockholders in March.

(USD 1.0 = EUR 0.852)

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