JA Solar chairman, CEO offers buyout to take company private

AP News
Posted: Jun 05, 2015 8:58 AM

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.