Reuters reports that Canadian Solar Inc has received a letter from its Chief Executive Shawn Qu to take the company private.

Canadian Solar Inc. is a publicly traded company that manufactures solar PV modules and provides turn-key solar energy solutions.

The solar company said Qu, its largest shareholder, has offered to buy all of the outstanding shares he and his wife Hanbing Zhang do not already own for $18.47 per share.

The offer represents a 7.1 percent premium to Canadian Solar’s Friday close. Qu and Zhang own about 23.5 percent of the company’s shares.

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