Tesla board forms special committee to study taking company private
The board of electric carmaker Tesla Inc (NASDAQ:TSLA) said Tuesday it has formed a special committee of three independent directors to evaluate the controversial proposal by CEO Elon Musk to take the company private.
In a statement, Tesla said the committee is composed of Brad Buss, Robyn Denholm and Linda Johnson Rice.
There are “no assurances (that) can be given regarding the likelihood, terms and details of any proposal or potential going private transaction” being accepted or completed by the panel, it said.
Musk faced a firestorm of controversy after unleashing a string of tweets that he wants to take the company private.
READ: Tesla faces SEC probe after Elon Musk’s tweetstorm about going private, says WSJ
Tesla said the special committee “has not yet received a formal proposal from Mr. Musk regarding any Going Private Transaction nor has it reached any conclusion as to the advisability or feasibility of such a transaction.”
The special committee has retained Latham & Watkins LLP as its legal counsel and intends to retain an independent financial advisor to assist in its review of a formal proposal once it is received. Tesla itself has separately retained Wilson Sonsini Goodrich & Rosati as its legal counsel in this matter.
Shares of Tesla were trading at US$353.13, down 0.9%, in early dealings on Tuesday.
READ: Musk claims funding for Tesla going-private deal will be done with equity as Saudis eager to proceed
The committee will have the full power and authority from Tesla’s board “to take any and all actions” on its behalf “as it deems necessary to evaluate and negotiate a potential Going Private Transaction and alternatives to any transaction proposed by Mr. Musk.”
The panel expects to provide a further update concerning the process associated with Mr. Musk’s proposal “as soon as practicable,” the statement said.
Musk believes going private will benefit the company’s stockholders. Aside from heading the carmaker, Musk is also chief of SpaceX, a developer of space craft to lower transportation costs into near Earth orbit and the eventual colonization of Mars.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202870/tesla-board-forms-special-committee-to-study-taking-company-private-202870.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Lion’s Mane Mushroom
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, But it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes:
Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity.
Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins.
Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system.
Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome.
Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function.
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules. Today Be 100% Satisfied Or Receive A Full Money Back Guarantee Order Yours Today By Following This Link.
| Online: | |
| Visits: | 1,608,183,681 |
| Stories: | 8,163,884 |
Whistler Blowers, Insiders
