Tesla, SolarCity shareholders to vote on merger next month

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  • FILE - In this April 30, 2015, file photo, Tesla Motors CEO Elon Musk unveils the company's newest products, in Hawthorne, Calif. Tesla and SolarCity announced Wednesday, Oct. 12, 2016, that shareholders will vote on Nov. 17, 2016, on the proposed merger between electric car maker Tesla Motors and solar panel company SolarCity. Musk, who is also the chairman of SolarCity, proposed the merger in June 2016. (AP Photo/Ringo H.W. Chiu, File)

    FILE - In this April 30, 2015, file photo, Tesla Motors CEO Elon Musk unveils the company's newest products, in Hawthorne, Calif. Tesla and SolarCity announced Wednesday, Oct. 12, 2016, that shareholders will vote on Nov. 17, 2016, on the proposed ... merger between electric car maker Tesla Motors and solar panel company SolarCity. Musk, who is also the chairman of SolarCity, proposed the merger in June 2016. (AP Photo/Ringo H.W. Chiu, File) (The Associated Press)

  • FILE - In this April 30, 2015, file photo, Tesla Motors CEO Elon Musk unveils the company's newest products, in Hawthorne, Calif. Tesla and SolarCity announced Wednesday, Oct. 12, 2016, that shareholders will vote on Nov. 17, 2016, on the proposed merger between electric car maker Tesla Motors and solar panel company SolarCity. Musk, who is also the chairman of SolarCity, proposed the merger in June 2016. (AP Photo/Ringo H.W. Chiu, File)

    FILE - In this April 30, 2015, file photo, Tesla Motors CEO Elon Musk unveils the company's newest products, in Hawthorne, Calif. Tesla and SolarCity announced Wednesday, Oct. 12, 2016, that shareholders will vote on Nov. 17, 2016, on the proposed ... merger between electric car maker Tesla Motors and solar panel company SolarCity. Musk, who is also the chairman of SolarCity, proposed the merger in June 2016. (AP Photo/Ringo H.W. Chiu, File) (The Associated Press)

Shareholders will vote Nov. 17 on the proposed merger between electric car maker Tesla Motors and solar panel company SolarCity.

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Tesla CEO Elon Musk — who is also the chairman of SolarCity — proposed the merger in June.

SolarCity shareholders will receive 0.11 share of Tesla for each SolarCity share. As of Oct. 10, the deal values SolarCity shares at $22.10, for a total value of $2.45 billion. Those values could change — the final terms will be determined by the value of Tesla shares on the day the merger goes into effect.

The value of the deal has dropped about $2 billion since it was first proposed.

The deal has caused some strife. Shareholders have filed multiple lawsuits to block it, saying it's a conflict of interest for Musk.