August 27 (Solar) – The special committee of Hanwha Q Cells Co Ltd’s (NASDAQ:HQCL) board of directors has appointed financial advisors to assist in the process of evaluating a recently unveiled going-private proposal.
Houlihan Lokey Inc has been retained as independent financial advisor, while Skadden, Arps, Slate, Meagher & Flom LLP will act as US legal counsel and Conyers Dill & Pearman will serve as Cayman legal counsel, according to a press statement.
As announced in early August, Hanwha Solar Holdings Co Ltd, a unit of Hanwha Chemical Corp (KRX:009830) has made a non-binding offer to buy out the solar cell and module maker. The offered price is USD 9 (EUR 7.75) per American Depositary Share (ADS), or USD 0.18 per ordinary share, representing a premium of around 35.7% to the closing price of Hanwha Q Cell’s stock on August 1.
At present, Hanwha Solar owns about 94% in the PV products maker.
(USD 1.0 = EUR 0.862)