Tesla offers to buy solar panel maker SolarCity
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A Tesla logo hang on a building outside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson
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(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)
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