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Tesla, SolarCity shareholders to vote on merger next month

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AP Palo Alto
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.

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: Oct 12 2016 | 9:28 PM IST

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