The special committee formed by the board of directors of Canadian Solar Inc. continues to assess Chairman, President and CEO Xiaohua "Shawn" Qu's proposal to privatize the solar panel manufacturer.
In December 2017, Qu offered to acquire all of the company's outstanding common shares not already beneficially owned by Qu and his wife, Hanbing Zhang, for a cash consideration of $18.47 per share. Qu and his wife owned approximately 23.5% of the Canadian Solar's issued and outstanding shares on a fully diluted and as-converted basis, as of mid-December 2017.
On Sept. 6, Canadian Solar announced that Qu is in talks with potential equity partners and debt financing sources for its proposed transaction. Investment manager Lion Point Capital LP said in an Aug. 29 filing that it offered upward of $250 million to help finance Qu's privatization proposal.
Canadian Solar also entered into confidentiality and standstill agreements providing Qu and potential equity partners with access to information about the company.
The special committee gave Qu and potential equity investors until the end of September to comply with due diligence. The company's board said there can be no assurance that any definitive offer relating to the proposed transaction will be made.