JA Solar CEO Makes Takeover Bid For The Company

JA Solar Holdings Co. said Tuesday it has received a non-binding takeover offer from its Chief Executive Baofang Jin, and Jinglong Group Co. Ltd., a British Virgin Islands company of which Mr. Baofang Jin is the sole director. The offer is for $6.80 in cash per American depositary share, which represents five ordinary shares, or $1.36 per ordinary share. A special committee of the board will review the offer with financial and legal advisers. "The special committee cautions the company's shareholders and others considering trading in the company's securities that no decision has been made by the special committee or the board with respect to the revised proposal," the company said in a statement. JA Solar shares have gained 34% in 2017, while the S&P 500 has gained 9%.