China Ming Yang Wind Power Group Limited has announced that its Board of Directors has received a preliminary non-binding proposal letter, dated November 2, 2015, from its Chairman and CEO, Mr. Chuanwei Zhang, to acquire all of the outstanding ordinary shares of the company not already beneficially owned by Mr. Zhang in a "going-private" transaction for US$ 2.51 per American Depository Share or ordinary share in cash.
Mr. Zhang currently beneficially owns approximately 33% of the issued and outstanding ordinary shares of the company. According to the proposal letter, Mr. Zhang intends to finance the transaction with a combination of debt and equity capital. A portion of the equity financing would be provided from Mr. Zhang's existing shareholdings in the Company and Mr. Zhang expects the remainder of the financing to be provided by third party debt and equity financing sources and certain shareholders of the Company. The Company's Board of Directors will form a special committee which will consist of all independent directors (the "Special Committee") to evaluate the Transaction.