UPDATE 1-Trina Solar receives proposal to be taken private

Mon Dec 14, 2015 6:15am EST
 
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Dec 14 (Reuters) - Chinese solar panel maker Trina Solar Ltd said it received a go-private proposal from a group comprising its chief executive and Shanghai Xingsheng Equity Investment & Management Co, valuing the company at more than $980 million.

Trina Solar said the group offered $11.60 per American Depositary share, a premium of about 21.5 percent to the stock's Friday close.

The company's shares rose to $11.20 in premarket trading on Monday.

Trina Solar said it received a preliminary non-binding proposal from Chief Executive Jifan Gao and Shanghai Xingsheng on Dec. 12.

The company's valuation is based on total outstanding shares as of Sept. 30.

Trina Solar said on Friday it had withdrawn from the European Union's price undertaking.

The EU said earlier this month it will extend trade protections aimed at helping European solar power manufacturers compete against cheaper Chinese products, hurting Trina Solar's global expansion plans. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila)