Tesla directors: 'No formal proposal' to take company private

14 August, 2018, 19:38 | Author: Brooke Harris
  • Elon Musk Denies That Azealia Banks Has Holed Herself Up Inside His House

Musk said that the director for the Saudi fund has requested financial details and other due diligence, including regulatory requirements, on taking Tesla private.

Musk, who is still looking for funding for the plan, also said law firms Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson would be legal advisers on the plan.

"I'm excited to work with Silver Lake and Goldman Sachs", Musk tweeted on Monday.

Musk announced last week on Twitter and on Tesla's website that he was considering taking automaker Tesla private and had secured the funding to do so. "The $420 buyout price would only be used for Tesla shareholders who do not remain with our company if it is private".

Following that, Musk met with the Saudi fund representatives on July 31, which has already accumulated nearly 5% of Tesla stock via public markets.

In the days that followed, the SEC got involved, reportedly investigating Musk's online musings about taking the company private.

Musk said on Monday he expects two-thirds of existing Tesla shareholders would roll over into a private company, but said he was in talks with major shareholders about his proposal.

Abadi cancels visit to Iran after sanctions decision
In the article, Johnson said the Trump administration is "determined to make sure they [the sanctions] are fully enforced". On Monday, Trump ordered all nuclear-related sanctions that were removed under the deal to be reinstated immediately.

PIF officials have said in the past that decisions at the sovereign wealth fund are made with care, emphasizing corporate governance.

That tweet may have created a sticky situation for Musk as it appears the funding may not be locked up just yet. Three people familiar with the Saudi fund disputed Musk's claims to the New York Times, saying the fund hasn't made any of the moves that would be necessary for such a big deal including preparing a term sheet or tapping financial advisors.

Wall Street has voiced doubts about Musk's ability to pull off what could be the largest-ever go-private transaction, valued at as much as $72 billion.

"The special committee has not yet received a formal proposal from Mr. Musk regarding any Going Private Transaction nor has it reached any conclusion as to the advisability or feasibility of such a transaction", the board said in a statement.

He added that most capital for the deal would come from equity and it would not be "wise" to burden the company with added debt.

That's led to at least two class-action lawsuits alleging securities violations.

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