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Canadian Solar said on Monday its chief executive officer Shawn Qu has withdrawn an offer to take the solar module maker private after a special committee set up by the board recommended rejecting his bid.

The special committee has asked the board to cease review of any future going-private deal proposed by Mr. Qu unless its board receives “reasonable evidence” that the transaction is fully financed, the company said in a statement. Mr. Qu, the company’s largest shareholder, made an offer to buy the company for $18.47 per share at a premium of 7.1 per cent in December 2017.

Mr. Qu and his wife Hanbing Zhang own about 23.5 per cent of the company’s shares.

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The committee advised against the proposal in the light of “significant changes” in the solar industry since the announcement of the offer and Mr. Qu’s ability to make a fully-financed bid, the company said.

Since Mr. Qu’s offer, Canadian Solar’s shares have dropped 18 per cent, coming under pressure from a tariff war between Beijing and Washington that has caused uncertainty in the global solar industry.

The special committee also asked the company to review other strategic alternatives.

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