Tesla to acquire SolarCity in a $2.6 billion all-stock deal

Tesla had made an offer to buy SolarCity in June, but a deal was not certain because SolarCity had formed a special committee to review the offer. 

The companies said SolarCity stockholders would receive 0.110 Tesla common shares for every share held, valuing SolarCity at $25.37 per share based on the 5-day volume weighted average price of Tesla shares as of Friday. 

Based on Tesla's Friday close, the offer works out to $25.83 per share — a 3.4 percent premium to SolarCity's last closing price. (Get the latest quote here.)

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SolarCity's shares, which had risen about 26 percent since Tesla first made the offer on June 21, were down 3.75 percent at $25.70 before the bell on Monday. Tesla shares were up 0.51 percent at $235.99.

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