Trina Solar has received a proposal letter from Jifan Gao, chairman and CEO of the company, and Shanghai Xingsheng Equity Investment & Management, a subsidiary of Industrial Bank, to acquire the company, for $0.232 in cash per ordinary share, or $11.6 in cash per ADS.
The preliminary non-binding offer represents a premium of approximately 21.5 percent above the closing price of the Company’s ADSs on December 11, 2015 and a premium of approximately 20.2 percent above the average closing price of the Company’s ADSs over the last 90 trading days.
The Board has formed a special committee consisting of two independent directors, Messrs. Sean Shao and Qian Zhao, to consider the proposal.
The Board, other than Jifan Gao, is evaluating the proposal.