Tesla: forms committee to assess going private
(CercleFinance.com) - Tesla has formed a special committee to explore a transaction for it to go private, the electric carmaker said on Tuesday, the first official step taken by the company since Elon Musk's infamous tweets last week.
Its board of directors has formed a committee comprised of three independent directors to act on behalf of the company to implement Elon Musk's proposed transaction.
Last week, the Tesla founder mentioned, in a series of tweets, the possibility of delisting the group at a price of 420 dollars per share.
While the special committee has not yet received a formal proposal from Elon Musk, it has received the full power and authority from the board to evaluate and negotiate a potential transaction.
However, as is traditionally required, "no assurances can be given regarding the likelihood, terms and details of any proposal or potential transaction" at this stage, Tesla said.
Tesla shares were up 0.5% at 358.5 dollars after these announcements.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Its board of directors has formed a committee comprised of three independent directors to act on behalf of the company to implement Elon Musk's proposed transaction.
Last week, the Tesla founder mentioned, in a series of tweets, the possibility of delisting the group at a price of 420 dollars per share.
While the special committee has not yet received a formal proposal from Elon Musk, it has received the full power and authority from the board to evaluate and negotiate a potential transaction.
However, as is traditionally required, "no assurances can be given regarding the likelihood, terms and details of any proposal or potential transaction" at this stage, Tesla said.
Tesla shares were up 0.5% at 358.5 dollars after these announcements.
Copyright (c) 2018 CercleFinance.com. All rights reserved.