Tesla, SolarCity shareholders to vote on merger next month

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Tesla, SolarCity shareholders to vote on merger next month

October 13, 2016 Anand Gupta

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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.