Tesla forms three-member panel to look at any Musk deal


More from Bloomberg.com: U.S. Private equity firm Silver Lake is also not signed up officially as a financial adviser, as it is helping Musk explore how to take Tesla private with no compensation, Reuters reported on Monday.

Musk on Monday gave his most detailed vision of how a take-private deal could work, but shares ended flat, indicating investor scepticism.

Tesla declined to comment further on the matter.

Musk also posted in a blog post on Monday his most detailed vision yet into how a Tesla take-private deal could work, but shares in the auto maker ended flat, indicating investor skepticism over its feasibility.

"During the meeting, the Managing Director of the fund expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time", Musk said in his statement.

Chief executive Elon Musk has not yet presented a formal proposal to go private, the company said, and the special committee has not come to a decision on whether such a transaction is feasible or if it should proceed.

"This is why I referred to "funding secured" in the August 7th announcement".

Musk said in his Monday statement that he was still in talks with the Saudi fund but was also having discussions with other investors because he wanted to "continue to have a broad investor base".

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

Buss served as chief financial officer of solar panel installer SolarCity for two years before retiring in 2016.

Shares in Tesla, which are still well below highs hit when Musk initially raised the prospect of the transaction last week, inched up 0.7% in trading before the bell. It was Tesla's last big deal and was criticized by some on Wall Street because the company, founded by two of Musk's cousins, had seen its business shrink before the takeover.

Denholm, the first woman to join Tesla's board, is chief operations officer of telecom firm Telstra and the ex-CFO of network gear maker Juniper Networks.

According to the Times report, Musk's decision to announce his plans via Twitter "had not been cleared ahead of time with the company's board", adding that "some members of the board had been totally blindsided by Mr. Musk's decision to air his plan on Twitter".

One director, Steve Jurvetson, is now on leave of absence following allegations of sexual harassment.

FILE PHOTO: Tesla CEO Elon Musk at a press conference at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. The committee has retained the services of a law firm, while Tesla has engaged a separate law firm to act as counsel.