The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday June 24 through Sunday June 26,
2016:
SolarCity Board Members Recuse Themselves from Voting on Tesla Offer
The Rumor:
Two SolarCity Corp (NASDAQ: SCTY) board members, Peter Rive
and JB Straubel, have recused themselves from involvement in discussions regarding Tesla Motors Inc's (NASDAQ: TSLA) offer to acquire the solar company, according to a report from
Reuters on Saturday. Rive is the cousin of Tesla CEO Musk, while Straubel, Solar City's chief technology officer, was a
co-founder of Tesla.
Musk, Antonio Gracias, a member of both the Tesla and Solar City boards and Solar City CEO Lyndon Rive, previously recused
themselves from the voting process. John Fisher, Nancy Pfund and Donald Kendall Jr., are the three remaining Solar City board
members who are able to vote.
Solar City closed Friday at $22.20, up 1%.
Skullcandy to be Acquired by Incipio for $5.75/Share in Cash
The Deal:
Skullcandy, Inc. (NASDAQ: SKUL) and Incipio LLC, announced
Friday that they have entered into a definitive merger agreement pursuant under which Incipio has agreed to acquire Skullcandyfor
$5.75 per share in cash, for a total of approximately $177 million. The transaction is expected to close in Q3 of 2016.
Skullcandy closed Friday at $5.76 up 23.08%.
Platinum Equity Increases Electro Rent Offer to $15.50/Share
The Deal:
Platinum Equity and Electro Rent Corporation (Nasdaq: ELRC)
announced Friday, that Platinum Equity' raised the purchase price for the previously announced acquisition of Electro Rent by 18%
to $15.50 per share in cash. The purchase price was raised following Electro Rent's receipt of an unsolicited third party bid.
Electro Rent closed at $15.46 on Friday, up 18.65%.
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