Tesla, SolarCity shareholders to vote on merger during November 17 meetings

Even with investor push back, Tesla and SolarCity's board of directors have approved a special vote for shareholders to approve or deny the merger on November 17.
Written by Jake Smith, Contributor
CBS Interactive/CNET

Tesla and SolarCity said in a filing with the US Securities and Exchange Commission on Wednesday that a vote to merge the two companies will take place on November 17, despite push back from some investors.

The proposed $2.6 billion merger, originally announced in June, would combine the two separate companies both lead by Elon Musk into one. Tesla said it will provide additional financial information relating to its plans for the combined company on November 1.

"If shareholders approve the transaction, a combined Tesla and SolarCity will be able to provide the first ever opportunity to generate, store and consume energy entirely sustainably, through a suite of integrated products that add aesthetics and function while reducing cost," Tesla wrote in a post to investors on its website.

Tesla will hold its special meeting of stockholders at its own Page Avenue Facility in Fremont, starting at 1PM local time on November 17. SolarCity will hold its meeting two hours before in Foster City, California.

Even though Tesla has already received a regulatory greenlight to move forward with the deal, investors have pushed back at the merger, with seven lawsuits filed accusing Tesla of breaking its fiduciary duties.

"If you are a Tesla shareholder, we encourage you to vote your shares as part of this process," Tesla wrote on Wednesday. "Any Tesla shareholder who owned shares as of September 23, 2016 is eligible to vote and will receive mailed instructions on how to do so in the coming days. You can vote by phone, online or via mail any time on or before November 16, 2016, although we strongly encourage you to vote as soon as possible."

Tesla will hold an event with SolarCity on October 28 where the duo is expected to unveil a solar roof project.

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