Trina Solar announces completion of going-private transaction

Trina Solar announces completion of going-private transaction »

Trina Solar revealed that the company has ceased to be a publicly traded company and has become a wholly-owned subsidiary of its new parent company, Fortune Solar Holdings Limited.

The transaction is a merger with Fortune subsidiary Red Viburnum Company Limited.

Previously, in December 2015, Trina Solar announced that it had received a buyout offer from its chairman and chief executive, Mr Jifan Gao. In August 2016, the company announced that it would move forward with the buyout offer, in a move to de-list itself from the New York Stock Exchange and go private

Under the terms of the merger agreement, each of the Company's ordinary shares, par value US$0.00001 per share (each a "Share" and collectively, the "Shares") issued and outstanding immediately prior to the effective time of the merger, has been cancelled in exchange for the right to receive $0.232 in cash per Share without interest, and each of the Company's American depositary shares, each representing 50 Shares (each an "ADS" and collectively, the "ADSs") issued and outstanding immediately prior to the effective time of the merger, has been cancelled in exchange for the right to receive US$11.60 in cash per ADS without interest, other than (a) certain Shares (including Shares represented by ADSs) owned by Mr. Jifan Gao, Chairman and Chief Executive Officer of the Company and certain of his affiliates, which are rolled over in the transaction and (b) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands (the "Dissenting Shares"), which have been cancelled and cease to exist in exchange for the right to receive the payment of fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands.

 

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