Top Solar Business News: Trina Solar goes private
China-based PV manufacturer Trina Solar has announced the completion of its going-private transaction and suspended trading of its shares on the New York Stock Exchange (NYSE) as it awaits delisting within the next 90 days.
Last August, Trina unveiled its plans to go private through a takeover bid from an investor consortium led by the company’s own chairman and CEO, Jifan Gao. The transaction established a merger agreement with Red Viburnum Co. Ltd., a wholly owned subsidiary of Fortune Solar Holdings Ltd. Shareholders overwhelmingly approved the proposal in December.
As a result of the completed merger, Trina has ceased being a publicly traded company and become a wholly owned subsidiary of Fortune Solar. Each Trina Solar ordinary share issued and outstanding (immediately prior to the effective time of the merger) has been canceled in exchange for the right to receive $0.232 in cash without interest, and each American depositary share (ADS) has been canceled in exchange for the right to receive $11.60 in cash without interest.
More details of the Trina Solar transaction are available here.
SOURCE: Solar Industry