More than half of SolarCity’s eight board members are recusing themselves from the vote on the US$2.8-billion takeover offer announced last week by Tesla Motors founder (and SolarCity board chair) Elon Musk.
On the day of the announcement, Musk said the deal “will only move forward if there is a majority vote of the non-me shareholders in both companies.” But with the other recusals—including CEO Lyndon and CTO Peter Rive, both cousins to Musk, and JB Straubel, Tesla’s CTO—Bloomberg notes SolarCity is left with a decision that will be recommended by only 37.5% of its board if the last three directors are unanimous, or 25% if their vote produces a two-to-one split.
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The final vote will rest with shareholders of both companies. But that didn’t stop Bloomberg Gadfly from concluding that “the boards at SolarCity and Tesla would make a great ad for LinkedIn.” (h/t to Greentech Media for pointing us to this story)
