Trina Solar CEO proposes management buyout

Facebook
Twitter
LinkedIn
Reddit
Email
Trina CEO Jifan Gao is proposing a buyout of the leading module manufacturer. Image: Trina Solar..

Leading module manufacturer Trina Solar looks set to go private following a buyout proposal from its chairman and chief executive, Jifan Gao.

The move, backed by the Shanghai Xingsheng Equity Investment & Management Co, is outlined in a letter to the company’s board of directors, in which a proposal to purchase all shares in the company not already owned by the buyers.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The proposed offers a price of US$11.6 for each of the remaining American depository shares in the company, a claimed 21.5% above the closing price at the end of last week and 20.2% above the average closing price over the past 90 days.

Trina said it had established a special committee of directors to consider the proposal, while members of the board, excluding Gao, will evaluate the proposal. It cautioned shareholders that it had not yet made any decision on whether to accept the offer.

The proposed buyout by Gao and his co-investors follows a similar offer made over the summer by JA Solar’s chairman and CEO, Baofang Jin.

Neither Jin nor, now, Gao have given reasons for their desire to take their respective companies private. In his letter to Trina’s board, Gao went only so far as to say that the buyout would provide “superior value” to Trina’s shareholders.

The possible buyout follows news last week that Trina is pulling out of the minimum price undertaking between the EU and China that enables Chinese firms to continue trading in Europe without having to pay punitive anti-dumping and anti-subsidy duties.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA