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Tesla, SolarCity shareholders to vote on merger next month

PALO ALTO, Calif. (AP) — Shareholders will vote Nov. 17 on the proposed merger between electric car maker Tesla Motors and solar panel company SolarCity. Tesla CEO Elon Musk — who is also the chairman of SolarCity — proposed the merger in June. SolarCity shareholders will receive 0.11 share of...

PALO ALTO, Calif. (AP) — Shareholders will vote Nov. 17 on the proposed merger between electric car maker Tesla Motors and solar panel company SolarCity.

Tesla CEO Elon Musk — who is also the chairman of SolarCity — proposed the merger in June.

SolarCity shareholders will receive 0.11 share of Tesla for each SolarCity share. As of Oct. 10, the deal values SolarCity shares at $22.10, for a total value of $2.45 billion. Those values could change — the final terms will be determined by the value of Tesla shares on the day the merger goes into effect.

The value of the deal has dropped about $350 million since it was first proposed.

The deal has caused some strife. Shareholders have filed multiple lawsuits to block it, saying it's a conflict of interest for Musk.

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This story has been corrected to show that the value of the deal has dropped about $350,000 since it was first proposed, not $2 billion.