Tesla Lowers Bid, Agrees to Pay $2.6 Billion for SolarCity

Chris Martin for Bloomberg Technology:  Elon Musk’s Tesla Motors Inc. reached an agreement to buy SolarCity Corp. for $2.6 billion, about $300 million less than an initial proposal criticized as a “bailout” for the solar company in which he’s the largest shareholder.
SolarCity investors will receive $25.37 a share in stock under the agreement, according to a statement Monday. Musk initially offered $26.50 to $28.50 a share in Tesla stock. Analysts have said in the past that the bid was too low and investors have questioned the wisdom of Musk combining his electric-car maker with the clean-energy company.  The deal, which allows SolarCity to solicit competing takeover offers through Sept. 14, will now go to the shareholders of the companies for approval.   Cont'd...  

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

sonnenBatterie eco

sonnenBatterie eco

The sonnenBatterie eco is a fully-integrated, all-in-one residential energy storage solution that utilizes intelligent energy management software and lithium-ion batteries to turn houses into smart energy homes. The system is available in a variety of storage capacities and configurations, allowing for extensibility and expansion and integrates with new and existing PV systems. The sonnenBatterie eco allows customers to save money every single day by storing excess energy generated by solar PV systems and using the stored energy from the battery to power homes when the utility rates are more expensive or when the grid is out of service in addition to enabling customers to go off-grid.