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Canadian Solar Schedules First Quarter 2019 Earnings Conference Call for May 30 PR Newswire (US) - 5/17/2019 7:00:00 AM
Canadian Solar Subsidiary Recurrent Energy Completes Sale of Mustang Solar Project to Goldman Sachs PR Newswire (US) - 5/16/2019 7:00:00 AM
Report of Foreign Issuer (6-k) Edgar (US Regulatory) - 5/15/2019 4:29:09 PM
Canadian Solar Secures US$50 Million Term Loan from Credit Suisse PR Newswire (US) - 5/15/2019 7:00:00 AM
Canadian Solar Showcases Next Generation Solar Modules: BiHiKu Bifacial, HiKu poly and HiDM All-Black PR Newswire (US) - 5/14/2019 7:00:00 AM
Microgrid Solar Play Gets Gov't Approval InvestorsHub NewsWire - 5/7/2019 12:00:00 PM
Amended Statement of Beneficial Ownership (sc 13d/a) Edgar (US Regulatory) - 5/6/2019 4:07:28 PM
Canadian Solar Wins Two Deal of the Year Awards from Power Finance & Risk PR Newswire (US) - 5/1/2019 7:00:00 AM
Canadian Solar Secures JPY 5.35 Billion Credit Facility with Sumitomo Mitsui Finance and Leasing Company PR Newswire (US) - 4/29/2019 7:00:00 AM
Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2018 PR Newswire (US) - 4/25/2019 4:48:00 PM
Annual and Transition Report (foreign Private Issuer) (20-f) Edgar (US Regulatory) - 4/25/2019 4:27:38 PM
Canadian Solar to sell its 80% interest in a 482.6 MWp contracted Brazilian solar project portfolio to Nebras Power PR Newswire (US) - 4/24/2019 7:00:00 AM
Canadian Solar Subsidiary Recurrent Energy Secures $50 Million Letter of Credit Facility from Natixis PR Newswire (US) - 4/2/2019 7:00:00 AM
Report of Foreign Issuer (6-k) Edgar (US Regulatory) - 3/21/2019 8:09:45 AM
Canadian Solar Reports Fourth Quarter and Full Year 2018 Results PR Newswire (US) - 3/21/2019 6:15:00 AM
Canadian Solar Schedules 4Q/FY18 Earnings Conference Call for March 21 PR Newswire (US) - 3/7/2019 7:00:00 AM
Green New Deal and Stocks to Benefit InvestorsHub NewsWire - 2/26/2019 8:54:50 AM
Canadian Solar Won 94 MWp of Subsidy-Free Electricity Contracts in Alberta's Public Power Auction PR Newswire (US) - 2/15/2019 4:00:00 PM
Canadian Solar's First Solar Power Project of 68 MWp in Mexico Started Commercial Operations PR Newswire (US) - 2/14/2019 7:00:00 AM
Amended Statement of Ownership (sc 13g/a) Edgar (US Regulatory) - 2/12/2019 12:18:40 PM
Report of Foreign Issuer (6-k) Edgar (US Regulatory) - 2/8/2019 6:21:22 AM
Canadian Solar Announces Date of its Q4/FY 2018 Earnings Conference Call, Updates its Guidance for 4Q 2018, and Provides a Pr... PR Newswire (US) - 2/6/2019 7:00:00 AM
Canadian Solar Secures 295 Million Brazilian Reais Financing for the Salgueiro Project in Brazil PR Newswire (US) - 1/31/2019 7:00:00 AM
Canadian Solar to Provide EPC Services and Supply Solar Modules for 333MWp Darlington Point Solar Farm in Australia PR Newswire (US) - 1/17/2019 7:00:00 AM
Canadian Solar to Present at the 21st Annual Needham Growth Conference in New York City PR Newswire (US) - 1/11/2019 5:00:00 AM
Bob's Your Uncle Member Level  Monday, 12/11/17 11:28:39 AM
Re: None
Post # of 672 
December 9, 2017

The Board of Directors
Canadian Solar Inc. (the "Company")
545 Speedvale Avenue West
Guelph, Ontario
Canada N1K 1E6
Tel: (1-519) 837-1881
Fax: (1-519) 837-2550

Dear Sirs:

I, Shawn (Xiaohua) Qu ("Dr. Qu"), Chairman, President and Chief Executive Officer of the Company, am pleased to submit this preliminary non-binding proposal to the board of the directors of the Company (the "Board") to acquire all of the outstanding common shares ("Common Shares") of the Company not already owned by me and my wife, Ms. Hanbing Zhang (together with Dr. Qu, the "Chairman Parties"), in a going-private transaction (the "Transaction"). The Chairman Parties currently beneficially own approximately 23.5% of the issued and outstanding Common Shares of the Company on a fully diluted and as-converted basis.

I believe that my proposal of US$18.47 in cash per Common Share will provide a very attractive opportunity to the Company's shareholders. This price represents a premium of approximately 7.1% to the Company's closing price on December 8, 2017, and a premium of approximately 10% to the average closing price during the last 90 trading days.

The terms and conditions upon which I am prepared to pursue the Transaction are set forth below. I am confident in my ability to consummate a Transaction as outlined in this letter.

1. Buyer. I intend to form an acquisition vehicle for the purpose of pursuing the Transaction. I am interested only in pursuing this Transaction and am not interested in selling the Common Shares owned by the Chairman Parties in connection with any other transaction.

2. Purchase Price. My proposed consideration payable for the Company's Common Shares acquired in the Transaction will be US$18.47 in cash per share.

3. Financing. I intend to finance the Transaction with a combination of debt and equity capital. Equity financing is expected to be provided in the form of rollover equity in the Company from the Chairman Parties and cash contributions from the Chairman Parties and, potentially, third party sponsors. Debt financing is expected to be provided by loans from third party financial institutions. I am confident that I can timely secure adequate financing to consummate the Transaction.

4. Due Diligence. Given my role with the Company and existing ownership interest, my own diligence needs will be quite limited. Parties providing financing will require a timely opportunity to conduct customary due diligence on the Company. I would like to ask the Board to accommodate such due diligence request and approve the provision of confidential information relating to the Company and its business to possible sources of equity and debt financing subject to confidentiality agreements with customary terms.

5. Definitive Agreements. I am prepared to negotiate and finalize definitive agreements (the "Definitive Agreements") expeditiously. This proposal is subject to execution of the Definitive Agreements. These documents will include provisions typical for transactions of this type.

6. Confidentiality. I will, as required by law, promptly file an amendment to my Schedule 13D to disclose this letter. I am sure you will agree with me that it is in all of our interests to ensure that we proceed our discussions relating to the Transaction in a confidential manner, unless otherwise required by law, until we have executed the Definitive Agreements or terminated our discussions.

7. Process. I believe that the Transaction will provide superior value to the Company's shareholders as compared to remaining a publicly traded company. I recognize of course that the Board will evaluate the proposed Transaction independently before it can make its determination whether to endorse it. It is my expectation that the Board will appoint a special committee of independent directors to consider this proposal and make a recommendation to the Board based on its independent evaluation of my proposal.

8. No Binding Commitment. This letter constitutes only a preliminary indication of my interest, and does not constitute any binding commitment with respect to the Transaction. Such a commitment will result only from the execution of Definitive Agreements, and then will be on the terms provided in such documentation.

In closing, I would like to express my commitment to working together with you to bring this Transaction to a successful and timely conclusion. I have engaged Skadden, Arps, Slate, Meagher & Flom LLP as my U.S. legal advisor and Stikeman Elliott LLP as my Canadian legal advisor. Both are ready to help bring this Transaction forward in a timely manner. Should you have any questions regarding this proposal, please do not hesitate to contact me. I look forward to speaking with you.

[Signature Page to Follow]


Shawn (Xiaohua) Qu

/s/ Shawn (Xiaohua) Qu

“ People who look down on other people don't end up being looked up to. ”

— Robert Half
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