Westinghouse Solar, Inc. (WEST) and CBD Energy Ltd. (CBD.AX) jointly announced the signing of a definitive merger agreement. The merger has been approved by the boards of directors of both companies and consummation is targeted for third quarter of 2012.
The common shareholders of Westinghouse Solar will receive around 3.7 CBD common shares for each share held and its preferred shareholders will receive CBD preferred shares which will be convertible into CBD common shares. On an as-converted basis, the Westinghouse Solar common and preferred shareholders collectively would hold about 15% of the outstanding CBD common shares, calculated as-if the merger was consummated on the signing date.
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