Edition:
India

Canadian Solar Inc Gives Update On "Going Private" Proposal


Monday, 5 Nov 2018 

Nov 5 (Reuters) - Canadian Solar Inc ::UPDATE ON "GOING PRIVATE" PROPOSAL.CANADIAN SOLAR INC - UPDATE ON "GOING PRIVATE" PROPOSAL.CANADIAN SOLAR INC - SHAWN QU HAS AGREED TO WITHDRAW PROPOSAL LETTER AND PROPOSED TRANSACTION WITH IMMEDIATE EFFECT.CANADIAN SOLAR INC - SPECIAL COMMITTEE, FORMED TO REVIEW CHAIRMAN QU'S PROPOSAL, HAS INFORMED QU OF RECOMMENDATION.CANADIAN SOLAR - NOTWITHSTANDING HIS WITHDRAWAL OF TRANSACTION, QU ADVISED BOARD THAT HE REMAINS INTERESTED IN ACQUIRING CO IN A "GOING PRIVATE" DEAL.CANADIAN SOLAR INC - QU MAY CONTINUE TO EXPLORE WAYS TO SECURE FINANCING AND PROPOSE ANOTHER ACQUISITION TRANSACTION TO BOARD.CANADIAN SOLAR - SPECIAL COMMITTEE ALSO RECOMMENDED TO BOARD A REVIEW BE CARRIED OUT OF OTHER STRATEGIC ALTERNATIVES INDEPENDENT OF PROPOSED DEAL.CANADIAN SOLAR INC - "SIGNIFICANT CHANGES" HAVE TAKEN PLACE IN SOLAR INDUSTRY SINCE CEO QU'S PROPOSED DEAL IN DEC 2017.CANADIAN SOLAR INC - THERE IS "UNCERTAINTY" SURROUNDING QU'S ABILITY TO SECURE FINANCING FOR HIS DEC 2017 OFFER.CANADIAN SOLAR INC - SPECIAL COMMITTEE RECOMMENDS TO BOARD DISSOLUTION OF SPECIAL COMMITTEE.CANADIAN SOLAR - COMMITTEE RECOMMENDS NOT TO UNDERTAKE A REVIEW OF ANY FUTURE "GOING PRIVATE" PROPOSALS BY QU UNLESS THEY ARE FULLY FINANCED.CANADIAN SOLAR INC - SPECIAL COMMITTEE RECOMMENDS BOARD TO CEASE ITS REVIEW OF PROPOSED TRANSACTION PUT FORWARD BY QU IN 2017.CANADIAN SOLAR INC - QU HAD MADE A $18.47 "GOING-PRIVATE" PROPOSAL IN HIS DEC 9, 2017 LETTER TO BOARD.