An investigation for investors in NASDAQ:SCTY shares was announced concerning whether the takeover bid of SolarCity Corp by Tesla is unfair to NASDAQ:SCTY stockholders.
Investors who purchased shares of SolarCity Corp (NASDAQ:SCTY) and currently hold any of those NASDAQ:SCTY shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm is at an early stage and concerns whether a potential takeover would be unfair to NASDAQ:SCTY investors.
On June 20, 2016, Tesla Motors, Inc. delivered a proposal to the Board of Directors of SolarCity Corporation outlining a potential acquisition of SolarCity by Tesla Motors. Subject to completing due diligence and other customary conditions, Tesla Motors has proposed to acquire SolarCity for an exchange ratio of 0.122x to 0.131x for each outstanding share of SolarCity common stock. Based on a closing price of $215.47 per Tesla Motors, Inc share investors in SolarCity Corp (NASDAQ:SCTY) will receive a value of approximately $26.29 to $28.23 per NASDAQ:SCTY share.
However, given that at least one analyst has set the high target price for NASDAQ:SCTY shares at $50.00 per share and that NASDAQ:SCTY shares traded as high as $62.59 per share in 2015, the investigation concerns whether the offer is unfair to NASDAQ:SCTY stockholders. More specifically, the investigation concerns whether the SolarCity Board of Directors will undertake an adequate sales process, adequately shop the company before entering into the transaction, maximize shareholder value by negotiating the best price, and act in the shareholders’ best interests in connection with the proposed sale.
On July 5, 2016, SolarCity Corp (NASDAQ:SCTY) shares closed at $23.66 per share.
Those who are current investors in NASDAQ:SCTY shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com