We'll soon strike China-based renewable energy specialist Trina Solar (NYSE: TSL) off the list of publicly traded enterprises. In an expected development, the company's shareholders voted in favor of it effectively going private. According to Trina Solar, nearly 98% of the vote was for approval.

In the deal, Trina Solar will merge with two companies, Fortune Solar Holdings and Red Viburnum. The merged entity will then be bought by a group of Chinese institutional investors led by Trina Solar CEO Jifan Gao. All told, the consortium will pay $11.60 in cash per ADS, and $0.232 per ordinary share, to Trina Solar stockholders. The deal is valued at roughly $1.1 billion.

The resulting entity is to be taken private; the ADSes will be delisted.

The deal was first announced in August. It followed a similarly structured offer proposed in December 2015, with the difference that the later bid was characterized as "definitive," in contrast to the original "non-binding" proposal.

The first buyout offer was met with skepticism from the market, partially because it came several months after a similar one made by JA Solar Holdings (NASDAQ: JASO) CEO Baofang Jin. At that time, JA Solar's ADS and ordinary stockholders were offered a nearly 20% premium on their shares. Although the share price rose sharply in the wake of the bid, it soon sank back down as it became apparent that the offer didn't stand much chance of being accepted. Since then, the offer has languished, and JA Solar remains a publicly traded entity.

Although Trina Solar is a top company in the solar segment, its stock price performance has been weak. So far this year, it is down by nearly 12%.

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Eric Volkman has no position in any stocks mentioned.

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