Musk bid for Tesla: no formal offer, no firm deals with advisers

Tesla's Slow Disclosure Raises Governance Social Media Concerns

In a statement earlier Monday, Musk also shared more details about who might fund such a deal.

On Monday, he attempted to justify his position saying that he had met the Saudi sovereign wealth fund after it bought a 5% stake in the company.

The special committee has the authority to take any action on behalf of the board to evaluate and negotiate a potential transaction and alternatives to any transaction proposed by Musk, the company said in the statement. The lawsuit alleges that Musk tweeted that message to boost Tesla's stock price and punish those investors who bet against the company.

CNNMoney's "Markets Now" streams live from the NYSE every Wednesday at 12:45 pm ET.

"I left the July 31st meeting (with the Saudi fund) with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving", Musk said.

Musk announced last week on Twitter and on Tesla's website that he was considering taking automaker Tesla private and had secured the funding to do so.

What's more, a deal would likely prompt a review but the Committee on Foreign Investments in the USA, noted the paper. A week later Musk tweeted, "Am considering taking Tesla private at $420". A source told Reuters that Silver Lake was working with Musk without compensation and has no plans to participate as an investor in the proposal.

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Tesla CEO Elon Musk says he's making plans to make the electric vehicle and solar panel maker private, but no deal has been finalized.

Goldman Sachs and Silver lake declined to comment. According to Musk, the tweet followed a meeting with the managing director of Saudi Arabia's Public Investment Fund.

Securities lawyers said US law requires executives and companies to have a "reasonable basis" on which to make statements, meaning the fact Musk said he believed he had secured a verbal agreement for the funding after the July 31 meeting could put him on a firmer footing with the SEC.

Tuesday's announcement means three members of Tesla's board will now weigh whether it is advisable - or even feasible - to pursue what could be the biggest-ever go-private deal, and they are doing so before receiving a formal proposal from the CEO.

The special committee will consist of independent board members Brad Buss, Robyn Denholm and Linda Johnson Rice.

It's unclear whether Musk will be successful with his plan, but former proposals to merge with SolarCity and roll out a rewards package passed shareholder votes with large majorities, suggesting strong support for his leadership.

Latham and Watkins LLP has been retained by the committee as its legal counsel.

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