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Tesla and SolarCity formally engaged as directors approve acquisition

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Robert Flowers
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The deal won t be finalized until shareholder votes this fall, but the directors of both companies have approved Tesla s purchase of SolarCity, as reported by Electrek.

SolarCity has 45 days to find another more suitable mate, in what s called a go-shop period.

During that period SolarCity can actively solicit other proposals.

As of September 14, 2016, however, no more suitors are allowed.

The Securities Exchange Commission also has to approve the deal.

Non-disinterested shareholders include Elon Musk, the largest shareholder of each company — he and others who have shares in both companies will not be voting.

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