China Ming Yang Wind Power Provides Q4 Outlook - Quick Facts

(RTTNews) - While reporting its financial results for the third quarter today, wind turbine manufacturer China Ming Yang Wind Power Group Ltd. (MY) provided financial outlook for the fourth quarter.

For the fourth quarter, the company forecast revenue in the range of 2.0 billion yuan to 2.2 billion yuan, compared to 2.0 billion yuan for the year-ago quarter. The company also projects net profit for the period in a range of 95 million yuan to 115 million yuan, compared to 84 million yuan for the prior-year period.

Further, Chiuna Ming Yang said it received a preliminary non-binding proposal letter dated November 2, 2015 from its chairman and chief executive officer, Chuanwei Zhang, to acquire all of the company's outstanding shares not already beneficially owned by him in a "going-private" transaction for $2.51 per American Depository Share or ordinary share in cash.

The company's board of directors will form a special committee consisting of all independent directors to review and evaluate this proposal. The company has cautioned its shareholders and others considering trading its securities that neither the board of directors nor the special committee will make any decision with respect to the company's response to the proposal by Zhang.