Trina Solar Limited a global leader in photovoltaic ("PV") modules, solutions, and services, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter, dated December 12, 2015, from Mr. Jifan Gao, Chairman and Chief Executive Officer of the Company, and Shanghai Xingsheng Equity Investment & Management Co., Ltd. (together with Mr. Jifan Gao, the "Buyer Group"), a subsidiary of Industrial Bank Co., Ltd. incorporated in the People's Republic of China, to acquire all of the outstanding shares of the Company not owned by the Buyer Group, including ordinary shares represented by American depositary shares (the "ADSs", each representing 50 ordinary shares), for $0.232 in cash per ordinary share, or $11.6 in cash per ADS, which represents a premium of approximately 21.5% above the closing price of the Company's ADSs on December 11, 2015 and a premium of approximately 20.2% above the average closing price of the Company's ADSs over the last 90 trading days. A copy of the proposal letter is attached hereto as Exhibit A.
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 Mr. Jifan Gao, is reviewing and evaluating the proposal, and cautions its shareholders and others considering trading its securities that the Board has just received the proposal letter and has not had an opportunity to carefully review and evaluate the proposal yet, nor has the Board made any decision with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
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Source: Trina Solar Limited
Date: Dec 14, 2015