SolarCity to form a Special Committee to evaluate the Tesla offer

Polaris solar PV net news: according to the online edition of the Wall Street Journal reported that United States SolarCity solar panel manufacturer’s Board of Directors has formed a Special Committee and hired an external consultant to assess the offer of Tesla, a move designed to solve two company directors for possible conflict of interest issues.

SolarCity to form a Special Committee to evaluate the Tesla offer

SolarCity employees on the roof with solar panels

Tesla announced last week that all-stock offer for SolarCity, traded up to $ 2.8 billion.

SolarCity, the company hired Skadden, Arps, Slate, and Meagher&Flom as the legal adviser, hired Lazard as its financial adviser to assist the work of the Special Committee.

SolarCity’s Board consists of two members of the Special Committee, namely Kenmont Capital Partners investment management company founder Donald ˙ Kendall (Donald Kendall), DBL Investors, and venture capital firm founders Nancy ˙ pufangde (Nancy Pfund), two of them are directors of SolarCity, Tesla does not have any special relationship.

SolarCity and Tesla have many benefits associated with the Member of the Board. Elon ˙ musk (Elon Musk) is the largest shareholder of Tesla and SolarCity, owns 20% shares of each company over, is also the Chairman of both companies. Musk relative of Peter ˙ Malcolm (Peter Rive) and lindun ˙ Reeve (Lyndon Rive) is the founder of SolarCity, and SolarCity Board member. In addition, Tesla co-founder JB˙ Strobel (JB Straubel) is also Director of SolarCity, and private equity investor Antonio ˙ Gracias (Antonio Gracias) is Director of Tesla and SolarCity.

According to SolarCity said in a statement, the Special Committee has “unique powers to assess the SolarCity’s long-term business plan, and as an opportunity for independent companies create value based on a range of strategic options. ”

Mr MASKEY said last week that the two companies “impartial” shareholders will have to approve the deal, which means he will not vote. It is still not clear who will be excluded from this vote.

Issued after a buyout offer to SolarCity, Tesla’s stock plunged more than 10%, some investors and analysts have raised concerns about the deal. (Compile/Qing Chen)

Original title: SolarCity to form a Special Committee to evaluate the Tesla offer

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