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Tesla (TSLA) is ‘grossly undervaluing’ SolarCity (SCTY) at $2.8 billion, says Credit Suisse

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In a new note to client today, Credit Suisse downgraded SolarCity’s (SCTY) stock from ‘Outperform’ to ‘Neutral’ with a price target of $27.00 (from $38.00 previously) based on what it sees as an increased probability of the Tesla’s (TSLA) acquisition deal closing, which it estimates to be ‘grossly undervalued’.

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Tesla applies for 6 new trademarks to sell solar energy under the ‘Tesla’ brand

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Last week, Elon Musk announced his plan for Tesla to acquire SolarCity and fold the solar installer’s operations into Tesla’s own business. The offer is still contingent on board approval and shareholder votes at both companies,  but Electrek has now learned that the automaker is going ahead with trademark applications to sell solar products under its ‘Tesla’ brand.

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Two more SolarCity board members are recusing from the Tesla merger vote, leaving only 3 members

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When Tesla first announced that it submitted an acquisition offer to SolarCity‘s board of director, the company made it clear that Elon Musk and Antonio Gracias will recuse themselves from voting on the $2.8 billion merger deal since they both sit on the boards of both companies.

Now we learn that two more SolarCity board members will be recusing themselves from the vote after it was determined that they didn’t “meet the requirements for independence”.

The two SolarCity directors are JB Straubel, best known for being co-founder and CTO of Tesla, and Peter Rive, SolarCity co-founder and CTO, but also cousin to Elon Musk.

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Tesla’s SolarCity deal gets support from shareholders and hate from people who don’t own the stock

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If you read the headlines about Tesla’s plan to acquire SolarCity, you might think that the move is universally hated. The Globe and Mail wrote “Tesla stock plummets as planned SolarCity buy puzzles everybody but Musk ” – everybody but Musk? I wouldn’t be so sure.

While everyone and their mother seem to hate on the acquisition plan, the real question is: do shareholders like it? And maybe more importantly: do institutional shareholders like it? They will be the ones deciding after all.

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Tesla (TSLA) target price cut 26% by Adam Jonas from Morgan Stanley following SolarCity deal

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Morgan Stanley analyst Adam Jonas has been a long-time bull on Tesla Motors (TSLA). The New York Time called him the ‘Tesla Cheerleader‘, but today the analyst is out with a rare negative note on the automaker following the announcement that the company made an offer to buy SolarCity.

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Elon Musk will not vote on Tesla’s (TSLA) acquisition of SolarCity (SCTY), shareholders will decide on Musk Industries [Poll]

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Today, Tesla (TSLA) announced that it submitted an offer to acquire SolarCity (SCTY), the leading solar installer in the US. Elon Musk is the largest individual shareholder of both companies. Due to his obvious interest in the deal, which is already being called a bailout by some shareholders, Musk decided to recuse himself from the vote at both companies and leave it to Tesla and SolarCity shareholders to decide on the possible consolidation of ‘Musk Industries’.

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Tesla Makes an Offer to Acquire SolarCity [Live updates]

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Tesla announced that it plans to acquire its sister company, SolarCity. Tesla CEO Elon Musk will hold a press call shortly. We will update with more information soon. Below you will find the announcement released by Tesla and Lyndon Rive’s, SolarCity’s CEO and Elon Musk’s cousin, letter to the board with the offer to buy the shares for $26.50 to $28.50 – a premium of approximately 21% to 30% over the closing price of SolarCity’s shares.

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