WASHINGTON (dpa-AFX) - Emeren Group Ltd. (SOL), a global solar project developer, announced that it has entered into a merger agreement with Shurya Vitra Ltd. and its subsidiary to take Emeren private at US$0.20 per ordinary share or US$2.00 per American Depositary Share, representing ten shares.
Upon closing, expected in the third quarter of 2025, each outstanding share, excluding dissenters and other exceptions, will be canceled for cash consideration.
To back the transaction, investor Himanshu Shah has committed to providing equity funding to cover the merger consideration and related expenses. Emeren's board, via a special independent committee, unanimously endorsed the deal and recommends shareholder approval.
Once completed, Emeren's shares and ADSs will cease trading on the New York Stock Exchange. Kroll, LLC and Morrison & Foerster LLP advised the special committee, while DLA Piper LLP represents the buyer.
SOL closed Wednesday's trading at $1.78 up $0.05 or 2.89 percent on the New York Stock Exchange.
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