Tesla offers to buy solar panel maker SolarCity
(Reuters) - Electric car maker Tesla Motors Inc (NASDAQ: TSLA) said it had made an offer to acquire solar panel maker SolarCity Corp (NASDAQ: SCTY) in an all-stock deal.
Tesla said it offered $26.50-28.50 per share, which represents a premium of about 25-35 percent to SolarCity's Tuesday close.
Tesla shares fell 7 percent to $204 in extended trading on Tuesday, while SolarCity shares rose about 23 percent to $26.05.
(Reporting by Subrat Patnaik in Bengaluru; Editing by Kirti Pandey)