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Investors and finanical analysts have been baffled by a $2.86 billion bid by electric car manufacturer Tesla to acquire SolarCity:
Musk, the largest shareholder of both companies, said he and Antonio Gracias, who is also a member of both boards, will recuse themselves from voting on the takeover offer. The all-stock deal is worth $26.50 to $28.50 for each SolarCity share, Tesla said. That calculates to a premium of as much as 35 percent from Tuesday's closing price. The average 12-month price target among analysts surveyed by Bloomberg is $29.82. "In my personal opinion, this is obviously something that should happen," Musk, who is chief executive officer of Tesla and chairman of SolarCity, said in a conference call. "It's a no-brainer." With 100.2 million SolarCity shares outstanding, the offer is worth as much as $2.86 billion.
[...] Tesla fell as much as 12 percent in extended trading while SolarCity rose as much as 29 percent.
(Score: 3, Interesting) by fritsd on Wednesday June 22 2016, @04:29PM
Maybe they want to become a conglomerate like Schlumberger [wikipedia.org] (but then with the "evil bit" turned off)?
A colleague of mine once worked for Schlumberger. She said it was an astonishingly large and powerful corporation, that almost nobody has ever heard of. They're never in the news.
Have you ever seen any news about Schlumberger? They're in the S&P 100, and active in 85 countries. If you want to drill for oil, you need them. But there's no news about them.
(Score: 2) by takyon on Wednesday June 22 2016, @05:41PM
Musk is building the ultimate vertical monopoly. Battery production, solar panel production [technologyreview.com], home solar financing via SolarCity, home battery packs to store the solar energy, and electric cars. And finally, SpaceX rockets for when you decide you want to die on Mars.
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(Score: 2) by takyon on Wednesday June 22 2016, @05:56PM
When I read your post, I immediately thought of Halliburton [wikipedia.org]. And would you look at that, it's in the same sector: "Oilfield services & equipment". Both companies provided services to the Deepwater Horizon oil rig. Halliburton would not be a household name if it weren't for its former CEO becoming the U.S. Vice President.
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(Score: 0) by Anonymous Coward on Wednesday June 22 2016, @06:32PM
I interviewed with them once when I was straight out of the military, when oil was booming.
They paid to fly me to their training site, put me up in a Hilton for a week, and had open bar each night.
Looking into them for the interview I was super surprised I had never heard of them. They are huge.