- Published: 03 February 2016 03 February 2016
Ming Yang Wind Power Group Limited (Ming Yang) has announced that it has entered into a definitive merger agreement on February 2, 2016 pursuant to which the company will be acquired by a consortium of investors, including Mr. Chuanwei Zhang , the Chairman and Chief Executive Officer of the company, in an all-cash transaction which values the company's equity at approximately US$ 408 million.
The merger consideration represents a premium of 13.1% to the closing price of the company's American Depositary Share price (ADS) on October 30, 2015, the last trading day prior to the company's announcement of its receipt of a "going-private" proposal. The consortium intends to fund the merger through a combination of cash contributions from the investors for an amount of US$ 124 million and debt financing in an amount up to US$ 106 million. The merger is expected to close during the first half of 2016.