double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs double-skinned crabs vietnamese seafood double-skinned crabs mud crab exporter double-skinned crabs double-skinned crabs crabs crab exporter soft shell crab crab meat crab roe mud crab sea crab vietnamese crabs seafood food vietnamese sea food double-skinned crab double-skinned crab soft-shell crabs meat crabs roe crabs

Breaking News

Matt Gaetz reveals if he will rejoin Congress next year
Business

Tesla to buy SolarCity for $2.6B

By
Reuters
Published Aug. 1, 2016, 9:54 a.m. ET

Tesla Motors has reached a deal with SolarCity to buy the solar panel installer for $2.6 billion, a big step in Chief Executive Elon Musk’s plan to offer consumers a one-stop clean-energy shop.

The combined entity would sell solar panels, home battery storage systems and electric cars under a single brand.

The deal includes a “go-shop” provision that allows SolarCity to solicit offers from other potential buyers for 45 days through Sept. 14.

“Solar and storage are at their best when they’re combined,” the companies said in a blog post on Tesla’s website.

Musk, who is also chairman and a major shareholder in SolarCity, unveiled an updated “master plan” last month in which he sketched out a vision of an integrated carbon-free energy enterprise, offering electric vehicles, car sharing and solar energy systems.

Up to Friday’s close, SolarCity’s stock had risen about 26 percent — valuing the company at $2.62 billion — since Tesla first made an offer on June 21.

SolarCity stockholders would receive 0.110 Tesla common shares for every share held, the companies said on Monday.

The offer values SolarCity at $25.37 per share, based on the five-day volume-weighted average price of Tesla shares as of Friday.

SolarCity had formed a special committee to review Tesla’s initial offer, which was pitched at 0.122 to 0.131 Tesla shares for each SolarCity share.

SolarCity’s shares were down 5 percent at $25.36 in premarket trading on Monday. Tesla shares were little changed at $234.95.

Up to Friday’s close, Tesla shares had risen 7 percent since the company first announced the offer.

The deal, expected to close in the fourth quarter, must be approved by a majority of the disinterested shareholders of Tesla and SolarCity, the companies said.

Tesla and SolarCity said they expect to save $150 million in costs in the first full year after the deal closes as the combination improves their manufacturing efficiency and reduces customer acquisition costs.

The companies said the deal would also save customers money by lowering hardware costs and reducing installation costs.