Tesla’s shareholders approved the Solar City acquisition

More than 85 percent of shareholders voted in favor.

Tesla’s proposal to acquire SolarCity has been approved by its shareholders, the company announced on Thursday.

More than 85 percent of shareholders voted to approve the acquisition, according to a Tesla spokesperson.

The deal wasn’t exactly guaranteed to happen. Since Tesla CEO Elon Musk made his offer to buy the solar panel company his cousin Lyndon Rive is the head of for $2.6 billion in stock in August, the deal has been scrutinized by a number of shareholders — seven of whom filed lawsuits against Musk for breaching his fiduciary duty.

Despite criticism from some of its shareholders, the company decided to move forward with the deal.

“If the Merger is completed, SolarCity stockholders will have the right to receive 0.110 shares of Tesla Common Stock for each share of SolarCity Common Stock issued,” an S4 the company filed with the SEC on Monday read.

This is developing…

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