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 (
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