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...  

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