Chinese vertically integrated solar company JA Solar has received a non-binding proposal to acquire the company outright from its chairman and CEO, Baofeng Jin.
In a press release issued today, JA Solar confirmed a takeover bid by Jin and Jinglong Group – the company founded by Jin and headquartered in the British Virgin Islands.
This is the second such attempt by Jin to acquire JA Solar, having first lodged a $489 million takeover bid almost exactly two years ago, on June 8 2015.
On that occasion, a Special Committee was set up to evaluate the deal, which many believed would enable the firm to first go private before listing on domestic stock exchanges in China, either in Shanghai or Shenzen.
The Special Committee will once again be pressed into action by JA Solar to consider the proposal by Jin and Jinglong Group to pay $6.80 in cash per American depository share. This equates to around $1.36 per ordinary share.
JA Solar stressed that no decision had been made by the board or the Special Committee on whether the bid would be accepted. So far in 2017, JA Solar shares have gained 34%.
Fellow Tier-1 Chinese solar firm Trina Solar is currently in the process of privatizing following its delisting from the New York Stock Exchange after a buyout by chairman Jifan Gao, who has since confirmed that the company will seek to go public again in China once privatization is complete.