SolarWorld CEO rebuffed takeover tries


SolarWorld CEO Frank Asbeck says he has rebuffed numerous takeover offers that he felt undervalued the company.

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SolarWorld CEO Frank Asbeck says he has rebuffed numerous takeover offers that he felt undervalued the company.

The company recently decided to shut its Camarillo, Calif. plant and consolidate manufacturing to its U.S. headquarters in Hillsboro.

SolarWorld has been approached “several times,” CEO Frank Asbeck, who founded the Bonn-based company 13 years ago, said in an interview in Hamburg. Asbeck didn’t identify the suitors or when the advances were made.

SolarWorld has dropped 50 percent the past 12 months to 4.647 euros a share at 2:35 p.m. in Frankfurt today, valuing the company at 519 million euros ($730 million). At the end of 2010, it had the capacity to produce 1.25 gigawatts a year, the most among module makers in Germany, according to Bloomberg data.

Read more at Bloomberg.

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