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What: Shares of solar manufacturer Trina Solar Limited (NYSE: TSL) jumped as much as 30.3% on Monday, after agreeing to a management led buyout offer. At 3:05 p.m. ET shares were still up 23.5% on the day.

So what: CEO Jifan Gao and a consortium of investment funds have agreed to take Trina Solar private for $11.60 per share. The total cost of the acquisition would be $1.1 billion, given the current shares outstanding.  

This is the same offer price contemplated in a non-binding offer in December, also led by Gao. But the market didn't take that offer very seriously because it didn't come with a binding offer or the necessary financing from banks.

Now what: Even with the pop in shares today, the market is still skeptical a deal will end up being completed. At $10.27 per share as I'm writing, there's still 13% upside if the acquisition goes through, which is a large premium given the accepted offer. Given the company's long-standing interest in going private, I think the deal has a good chance of going through, but investors may want to take some chips off the table given the pop in shares today. After all, the last offer took more than seven months to go anywhere at all, and this one may do the same.