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ReneSola Announces Receipt of a Preliminary Non-Binding Proposal and Formation of Special Committee to Consider Strategic Transactions

RENESOLA (SOL)  More Company Research Source: PR Newswire
Last renesola earnings: 6/15 07:45 am Check Earnings Report
US:NYSE Investor Relations: ir.renesolapower.com
PDF SHANGHAI, June 14, 2017 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesola.com) (NYSE: SOL), a leading fully integrated solar project developer and provider of energy-efficient products, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal ("Proposal"), dated June 13, 2017, from Mr. Xianshou Li, the Company's Chairman and Chief Executive Officer ("Mr. Li"), to acquire the Company's manufacturing business (including polysilicon, solar wafer and solar module manufacturing) and LED distribution business (together, the "Acquired Businesses") and assume related indebtedness. The Proposal estimates the value of the Acquired Businesses, net of assumed indebtedness, to be approximately negative US$81 million, and contemplates that in exchange for, among other things, the assumption by Mr. Li of such indebtedness, the Company would issue additional American depositary shares (each representing 10 shares of the Company, [Read more]

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