Canadian Solar has appointed Barclays Capital Canada to advise it on a potential take-private transaction, after the company’s chairman made a bid to buy the company late last year.

Shawn Qu, who already owns about 23.5% of the company with his wife, Hanbing Zhang, offered $18.47 a share for the rest of the stock on Dec. 11 ( PFR, 12/11).

The chairman intends to fund the buy-out with third-party debt and is also open to the participation of third-party equity sponsors in the potential transaction.

The developer’s share price initially rose on the announcement, peaking at $18.40 that day, but has since sold off to under $16, below the price at which the stock was trading prior to Qu’s bid.

The company announced that it had hired Barclays and two law firms—Weil, Gotshal & Manges as U.S. counsel and Osler, Hoskin & Harcourt as Canadian counsel—on Jan. 25.

The advisers are assisting a special committee comprising board members Robert McDermott, Lars-Eric Johansson, Harry Ruda and Andrew Wong as they consider Qu’s offer.

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