Canadian Solar CEO offers to take company private

Canadian Solar CEO offers to take company private”

Under terms of the preliminary, non-binding proposal, Qu would acquire all of the company's shares not already owned by Qu or his wife.

This price represents a premium of approximately 7.1% to the Company's closing price on December 8, and a premium of approximately 10% to the average closing price during the last 90 trading days, the letter noted.

Canadian Solar said on December 11 that Chairman, Chief Executive and President Shawn Qu sent a non-binding proposal to the board offering to acquire all outstanding common shares he doesn't already own for $18.47 each.

Shares of Canadian Solar popped over 5% premarket and now hover up around 4.70%, at $18 per share.

"I believe that the transaction will provide superior value to the company's shareholders as compared to remaining a publicly traded company", said Qu, who added that he's not interested in selling his stake.

The offer has yet to be thoroughly reviewed by Canadian Solar's board of directors, although it has formed a special committee of "independent and disinterested" directors to consider Qu's proposal.

Founded in 2001 and publicly traded on Nasdaq since 2006, Canadian Solar is one of the world's largest solar power equipment manufacturers and solar utility developers.

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