SolarCity Corp (fka SCTY)

[tedkov]

SolarCity Sued by Shareholders Over Merger Bid - (via NewsPoints Desk)
August 4, 2015
Tags: NewsPoints SolarCity Tesla United States Corporate Affairs Mergers &
Acquisitions

A group of SolarCity Corp. shareholders filed a lawsuit in Delaware Chancery Court attempting
to block the $2.6 billion purchase of the company by Tesla. The lawsuit
alleges that the purchase price of 0.11 share of Tesla for each share of SolarCity (or approx. $24.50 per share) is insufficient in light of the company's growth prospects and that deal-protection clauses in the agreement preclude other
companies from submitting successful competing offers. In addition, the lawsuit alleges that there were conflicts of interest among board members which allowed Elan Musk to obtain personal benefits for his own self interests
SolarCity did not immediately respond to requests for a comment.
To contact the law firm handling the matter on behalf of shareholders of
SolarCity for more information call toll free 800.511.7037