Goldman, Silver Lake Advice Tesla On Going Private Plan

Goldman, Silver Lake Advice Tesla On Going Private Plan”

The chief executive of the electric auto company said earlier on Monday that the manager of Saudi Arabia's sovereign wealth fund had voiced support for the company going private several times, including as recently as two weeks ago, but also said that talks continue with the fund and other investors.

He later tweeted he was working with buyout firm Silver Lake and investment bank Goldman Sachs as financial advisers on his plan.

On August 2, Musk notified the Tesla board about his intention to take Tesla private at US$420 per share - a 20% premium.

In the days that followed, the SEC got involved, reportedly investigating Musk's online musings about taking the company private.

Since going public on Twitter, Musk said he has "continued to communicate with the managing director of the Saudi fund", and that "he has expressed support for proceeding subject to financial and other due diligence and their internal review process for obtaining approvals".

The company Tuesday said the committee hasn't received a formal proposal about a possible deal to go private.

PIF officials have said in the past that decisions at the sovereign wealth fund are made with care, emphasizing corporate governance.

Musk said he will "continue to talk with investors" as he looks into taking the automaker private.

Meanwhile, Musk faces scrutiny of his tweet on secured funding.

Mr Musk's tweet earlier this month had said "funding secured", raising questions about where the financing for any deal might come from.

"No assurances can be given regarding the likelihood, terms and details of any proposal or potential going private transaction, that any proposal made by Mr. Musk. will be accepted by the special committee", the statement said.

Tesla CEO Elon Musk's elaboration on his plan to engineer a buyout of the electric auto maker could get the Silicon Valley maverick into legal trouble by revealing that the deal is far more uncertain than how he initially described it in his brash tweet last week. With little commentary about the financing after that, it prompted uproar including two class action lawsuits and a potential Securities and Exchange Commission inquiry.

Like this



14 August 2018
Koepka moves up a class with second straight U.S. Open win
Koepka, 28, came into the week as an afterthought when compared to the superstars we know simply by their first names. The world number nine started his title defence with a five-over 75 and was seven over after four holes of round two.

14 August 2018
Watch Nicki Minaj Rap About Stephen Colbert in a "Barbie Dreams" Update
A few hours prior, Nicki's former rival Funk Flex announced he would premiere the Nas collabo. While drumming her hand on the table, Minaj raps, "I might f*** Stephen after the show".

14 August 2018
Iraqi PM Abadi cancels visit to Iran amid backlash on U.S. sanctions
Trump warned that those who don't wind down their economic ties to Iran "risk severe consequences". Britain remained open to talks with the US on how to address concerns about Iran.

14 August 2018
Former White House Adviser Says She Taped Inside Secret Situation Room
At the same time , she seems to believe the White House could plan on making life hard for her. Trump and another official fired back at her claims and called the alleged slurs "disgusting".

14 August 2018
President Trump, V.P. Pence to visit Upstate New York
The president said the defense policy measure signals that the "on the move once again and we are not backing down". The H.R. 5515 bill was named after the longtime Arizona senator and chair of the Senate Armed Service Committee.

14 August 2018
‘Queen of Soul’ Aretha Franklin gravely ill, ‘in hospice care’
Thuli was one of the big names to pay tribute to the icon and add her prayers to those given by fans around the world. Standing outside the Motown Museum in Detroit on Monday, Linda Laura-Culbreath told AFP that Ms.

14 August 2018
Clashes Continue After Taliban Attack On Afghan City Of Ghazni
The U.S. -led North Atlantic Treaty Organisation mission has carried out airstrikes in support of Afghan forces. Losing Ghazni to the Taliban would essentially cut Afghanistan in half, closing its second-busiest trade route.

14 August 2018
Chad Kelly to replace Paxton Lynch as No. 2 quarterback for Broncos
At this point it would be a surprise if he is on the team's season-opening, 53-man roster. He had a great spring, he's had a great camp. "He's earned that right".

14 August 2018
Tiger Woods in contention in final round
Tiger Woods came up agonizingly short in his attempt Sunday to win the PGA Championship and cap a remarkable return to the top. But Koepka simply stepped on the accelerator, birdieing the 15th and 16th to open up an unbreachable lead.

13 August 2018
Shooter in fatal Florida 'Stand Your Ground' case arrested for manslaughter
McGlockton's girlfriend, Britany Jacobs, says Drejka started a confrontation with her while McGlockton was inside. Drejka, who is white, told local police he shot McGlockton, who is black, out of fear for his life.