Canadian Solar (NASDAQ:CSIQ) is planning on becoming private, and the result is solar stocks jumping. Both SunPower Corp. (NASDAQ:SPWR) and SolarEdge Technologies (NASDAQ:SEDG) saw an increase in their stocks after the announcement was made.
The CEO of Canadian Solar, Shawn Qu, decided to make the company private, offering to buy the leftover shares for $18.47 per share. However, his offer still needs to be reviewed by the Board of Directors.
The Board “cautions that there can be no assurance that any definitive offer relating to the Proposed Transaction or any other transaction will be made by Dr. Qu or any other person.”
Regardless of what happens in terms of the company becoming private, the announcement alone was enough to increase shares both for the company itself as well as others in the solar energy industry. Canadian Solar increased by 5%, at $18 per share. SunPower jumped the most at 13%, and SolarEdge increased by 2.5%.
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