| JA Solar chairman, CEO offers buyout to take company private | |
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U.S.-traded shares of JA Solar Holdings soared Friday in early morning trading after its chairman and CEO offered to take the Chinese solar power product maker private in a buyout worth more than $2 billion.
Baofang Jin said in a letter to the company's board that he will pay $9.69 for each share of the Shanghai-based company he doesn't already own. The executive and a company he controls, Jinglong Goup Co. Ltd., own 39.4 million shares, or a 15.6 percent stake in the company.
JA Solar had 252.4 million shares outstanding as of late March, according to a Securities and Exchange Commission filing.
The company's board will form a special committee of independent directors to consider the preliminary, nonbinding offer.
Shares of JA Solar Holdings Co. Ltd. were up 14.2 percent, or $1.15, to $9.23 less than an hour before markets opened Friday. The stock had slipped about 1 percent so far this year, as of Thursday's close.
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Ja Solar Holdings Co. Ltd.
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CODE : JASO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Ja Solar is based in China. Ja Solar is listed in Germany and in United States of America. Its market capitalisation is US$ 71.2 millions as of today (€ 62.5 millions). Its stock quote reached its lowest recent point on November 21, 2008 at US$ 1.55, and its highest recent level on April 02, 2015 at US$ 9.98. Ja Solar has 9 510 000 shares outstanding. |