business lawcompany lawMerge & AcquisitionsTesla Says Lawsuits Could Delay $2.6 Billion Merger with SolarCity

20 Σεπτεμβρίου 20160
A businessman using a mobile phone to check stock market data.
A businessman using a mobile phone to check stock market data.

Which the companies expect to close by the end of the year.

Elon Musk-led Tesla Motor  TSLA 0.46%  said on Monday its proposed acquisition of SolarCity  SCTY -1.54%  could be delayed due to shareholder lawsuits challenging the deal.

The company said four lawsuits were filed in Delaware between Sept. 1 and Sept. 16 and a potential injunction on the proposed $2.6 billion merger could delay the closing of the deal.

The lawsuits allege, among other things, that both Tesla and SolarCity board members breached their fiduciary duties in connection with the proposed $2.6 billion merger, which the companies expect to close by the end of the year.

As of Friday’s close, SolarCity shares were trading at a 31% discount to Tesla’s stock swap offer, which valued SolarCity shares at $25.37 on Aug 1.

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