JA Solar Receives Buyout Proposal From Its Chairman, CEO

Shanghai-based solar products maker JA Solar Holdings Co. said on Friday it received a "going private" proposal from Chairman and Chief Executive Baofang Jin and Jinglong Group Co. that would value the company at about $489.1 million. Baofang Jin is the sole director of Jinglong. As part of the proposal, Baofang Jin and Jinglong will pay $9.69 for each of JA Solar's American Depositary Shares that they don't already own, which represents a 20% premium to Thursday's closing price. JA Solar plans to form a committee to evaluate the proposal. JA Solar's, which is halted for news dissemination until 7:30 a.m. Eastern, has lost 1.3% year to date, while the S&P 500 has gained 1.8%.