Canadian Solar Inc. Announces Appointment of Independent Financial Advisor and Legal Counsel to the Special Committee
GUELPH, Ontario, Jan. 25, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the special committee (the "Special Committee") of its board of directors (the "Board"), formed to consider the previously announced preliminary, non-binding proposal, dated December 9, 2017, that the Board received from the Company's Chairman, President and Chief Executive Officer, Dr. Shawn (Xiaohua) Qu ("Dr. Qu"), to acquire all of the outstanding common shares of the Company not already beneficially owned by Dr. Qu and his wife, Ms. Hanbing Zhang, in a "going private" transaction for cash consideration of US$18.47 per common share (the "Proposal"), has retained Barclays Capital Canada Inc. as its independent financial advisor, Weil, Gotshal & Manges LLP as its U.S. legal counsel and Osler, Hoskin & Harcourt LLP as its Canadian legal counsel to assist it in this process.
The Special Committee is composed of the following independent and disinterested directors: Robert McDermott (Chair), Lars-Eric Johansson, Harry Ruda and Andrew Wong.
The Board cautions the Company's shareholders and others considering trading in the Company's securities that the Special Committee is continuing its evaluation of the Proposal and that no decision has been made with respect to the Company's response to the Proposal. The Board also cautions that there can be no assurance that any definitive offer will be made, that any definitive agreement will be executed or that the Proposal 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 by applicable law.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
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