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.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's
expected future shipment volumes, gross margins, business prospects
and future quarterly or annual results, particularly the management
quotations and the statements in the "Business Outlook" section,
are forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ materially.
These statements are made under the "Safe Harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. In some
cases, you can identify forward-looking statements by such terms as
"believes," "expects," "anticipates," "intends," "estimates," the
negative of these terms, or other comparable terminology. Factors
that could cause actual results to differ include general business
and economic conditions and the state of the solar industry;
governmental support for the deployment of solar power; future
available supplies of high-purity silicon; demand for end-use
products by consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers; changes
in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in
new product introduction; delays in utility-scale project approval
process; delays in utility-scale project construction; continued
success in technological innovations and delivery of products with
the features customers demand; shortage in supply of materials or
capacity requirements; availability of financing; exchange rate
fluctuations; litigation and other risks as described in the
Company's SEC filings, including its annual report on Form 20-F
filed on April 27, 2017. Although the
Company believes that the expectations reflected in the forward
looking statements are reasonable, it cannot guarantee future
results, level of activity, performance, or achievements. Investors
should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian Solar
undertakes no duty to update such information, except as required
under applicable law.
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SOURCE Canadian Solar Inc.