Deals
Tesla Cut SolarCity Bid, Gets Cool Reception From Investors
- Revised offer is $300 million less than original bid in June
- Elon Musk is biggest shareholder, chairman of both companies
Can Tesla-SolarCity Fuel Elon Musk's Need for Cash?
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Elon Musk may have more work to do to convince his own shareholders to go along with the $2.6 billion proposed merger of Tesla Motors Inc. and SolarCity Corp.
Shares in both companies slumped after Musk -- the largest individual shareholder in SolarCity -- announced that Tesla had agreed to pay about $300 million less than initially proposed six weeks ago to acquire the rooftop solar installer. The revised terms come after criticism from Tesla investors and on the same day SolarCity lowered its forecast for 2016.