Tesla, SolarCity shareholders to vote on merger next month
Shareholders will vote on Nov 17 on the proposed merger between electric car maker Tesla Motors and solar panel company SolarCity. Tesla CEO Elon Musk – who is also the chairman of SolarCity – proposed the merger in June. SolarCity shareholders will receive 0.11 share of Tesla for each SolarCity share. As of Oct 10, the deal values SolarCity shares at USD 22.10, for a total value of USD 2.45 billion. Those values could change – the final terms will be determined by the value of Tesla shares on the day the merger goes into effect. The value of the deal has dropped about USD 2 billion since it was first proposed. The deal has caused some strife. Shareholders have filed multiple lawsuits to block it, saying it’s a conflict of interest for Musk.
Source:PTI
