SolarCity and Tesla hammering out merger
Print Edition
TESLA Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said.
The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, but it is still possible that their negotiations will end unsuccessfully, the people said on Saturday.
It was unclear whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time.
The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment.
Tesla announced last month that it had made an all-stock offer for SolarCity worth US$2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand.
SolarCity has not publicly revealed its views on Tesla's offer since it announced on June 27 that it had formed a special committee to evaluate the offer.
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