November 20th, 2017 by Joshua S Hill
After a lackluster third-quarter, Shanghai-based solar cell and module manufacturer JA Solar has successfully entered into an agreement in which it will go private and exit the NASDAQ in a transaction worth approximately $362.1 million in cash.
JA Solar Holdings announced on the 17th of November that it had entered into a definitive agreement in which an investor consortium headed up by company founder, chairman, and CEO Baofang Jin will take the company private in an all-cash transaction work approximately $362.1 million.
Ordinary JA Solar shares will be purchased in cash for $1.51 per share, and each American depositary share (representing 5 shares) will be purchased for $7.55 in cash.
In addition to Baofang Jin, the investor consortium consists of Jinglong, a British Virgin Islands company of which Mr. Baofang Jin is the sole director, and/or its affiliates, and the other Rollover Shareholders. The group intends to fund the transaction with a combination of debt and equity, and expects to close the transaction during the first quarter of 2018.
The move follows in the wake of one of JA Solar’s competitors’ decision to also go private. Trina Solar investors voted overwhelmingly in favor of privatization back in December of 2016, and successfully completed the transaction in March in a move worth $1.1 billion. Similarly again, Trina Solar was bought out by company chairman and chief executive, Jifan Gao.
Complete our 2017 CleanTechnica Reader Survey — have your opinions, preferences, and deepest wishes heard.
Check out our 93-page EV report, based on over 2,000 surveys collected from EV drivers in 49 of 50 US states, 26 European countries, and 9 Canadian provinces.
About the Author
Joshua S Hill I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.
Bagikan Berita Ini
0 Response to "JA Solar Goes Private In All-Cash Transaction On NASDAQ"
Post a Comment