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

Baja’s Full Cantilever Carports for Optimal Coverage and Performance

Baja's Full Cantilever Carports for Optimal Coverage and Performance

Baja Carports offers an extensive solar support system product line customized to customers' site specifications by in-house engineers, meeting their parking lot coverage, plus optimal PV production needs. Baja's Full Cantilever Tee is often paired with its Semi and Full Cantilever carports to meet live/loads up to 60psf and wind speeds to 160mph. All Baja products are pre-fabricated, bolted connections, pre-galvanized structural steel for fast on-site installation and project aesthetic requirements."