BLOOMBERG.COM
SolarCity Corp. board members approved a $2.6 billion buyout from Elon Musk’s Tesla Motors Inc., a lower price than was initially offered in the solar industry’s biggest deal to date. Tesla agreed to pay $25.37 a share in stock for the largest U.S. rooftop solar company, according to a statement Monday. Musk initially offered SolarCity investors $26.50 to $28.50 a share in Tesla stock. Analysts have said in the past that the price is too low and investors have questioned the wisdom of Musk combining his electric-car maker with the clean-energy company. The agreement allows SolarCity to solicit competing takeover offers through Sept. 14, the companies said.
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SolarCity Corp. board members approved a $2.6 billion buyout from Elon Musk’s Tesla Motors Inc., a lower price than was initially offered in the solar industry’s biggest deal to date. Tesla agreed to pay $25.37 a share in stock for the largest U.S. rooftop solar company, according to a statement Monday. Musk initially offered SolarCity investors $26.50 to $28.50 a share in Tesla stock. Analysts have said in the past that the price is too low and investors have questioned the wisdom of Musk combining his electric-car maker with the clean-energy company. The agreement allows SolarCity to solicit competing takeover offers through Sept. 14, the companies said.
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