SEOUL, South Korea,
Aug. 3, 2018 /PRNewswire/ -- Hanwha Q
CELLS Co., Ltd. ("Hanwha Q CELLS" or the "Company") (NASDAQ: HQCL),
a global leading photovoltaic manufacturer of high-performance,
high-quality solar modules, today announced that the Company's
board of directors (the "Board") has formed a special committee
(the "Special Committee") of independent directors to consider the
preliminary non-binding proposal letter (the "Proposal Letter"),
dated August 2, 2018 from Hanwha
Solar Holdings Co., Ltd. ("HSH"), a subsidiary of Hanwha Chemical
Corporation incorporated in the Republic of Korea, to acquire all
of the outstanding shares of HQCL not already owned by HSH in a
"going private" transaction (the "Proposed Transaction") for a cash
consideration of US$9.00 per American
Depositary Share ("ADS", each ADS representing fifty ordinary
shares) or US$0.18 per ordinary
share. The Company expects that the Special Committee will engage
and retain independent legal and financial advisors to assist its
review of the Proposed Transaction.
The Board cautions its shareholders and others considering
trading in its securities that the Board just received the Proposal
Letter and has not made any decisions with respect thereto. There
can be no assurance that any definitive offer will be made, that
any agreement will be executed or that this or any other
transaction will be approved or consummated.
The Company does not undertake any obligation to provide any
updates with respect to the Proposed Transaction or any other
transaction except as required by applicable law.
About Hanwha Q CELLS
Hanwha Q CELLS Co., Ltd. (NASDAQ:HQCL) is one of the world´s
largest and most recognized photovoltaic manufacturers for its
high-performance, high-quality solar cells and modules. It is
headquartered in Seoul, South
Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with
its diverse international manufacturing facilities in Malaysia and China. Hanwha Q CELLS offers the full spectrum
of photovoltaic products, applications and solutions, from modules
to kits to systems to large-scale solar power plants. Through its
growing global business network spanning Europe, North
America, Asia, South America, Africa and the Middle East, the company provides excellent
services and long-term partnerships to its customers in the
utility, commercial, governmental and residential markets. Hanwha Q
CELLS is a flagship company of Hanwha Group, a FORTUNE Global 500
firm and a Top 10 business enterprise in South Korea. For more information, visit:
http://www.hanwha-qcells.com.
Safe Harbor Statement
This announcement contains forward-looking statements that are
not statements of historical fact. These statements constitute
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Such statements
involve certain risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Except as required by law, Hanwha Q CELLS does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE Hanwha Q CELLS Co., Ltd.