ZHONGSHAN, China — China Ming Yang Wind Power Group Limited’s Board of Directors (the “Board”) has formed a special committee of independent directors (the “Special Committee”) to evaluate the preliminary non-binding proposal letter dated November 2, 2015 from its Chairman and Chief Executive Officer, Mr. Chuanwei Zhang, to acquire all of the Company’s outstanding shares not already beneficially owned by him (the “Proposal”).
The Special Committee is composed of Messrs. Dabing Zhou and Steve Markscheild, who are independent directors of the Company and are unaffiliated with the Proposal.
Mr. Zhou is the chairman of the Special Committee. The Special Committee expects to retain independent advisors, including an independent financial advisor and legal counsel, to assist it in the process of reviewing and evaluating the Proposal.
The Company cautions its shareholders and others considering trading its securities that neither the Board nor the Special Committee has made any decisions with respect to the Company’s response to the Proposal. 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 this or any other transaction, except as required under applicable law.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading wind energy solution provider in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines, including cutting-edge SCD (Super Compact Drive) solutions, and providing post-sales value-added maintenance and technology upgrade services to wind farm owners. Ming Yang cooperates with aerodyne Energiesysteme, one of the world’s leading wind turbine design firms based in Germany, to co-develop wind turbines. In terms of newly installed capacity, Ming Yang was a top 10 wind turbine manufacturer worldwide and the largest non-state owned wind turbine manufacturer in China in 2014.