SolarCity Names 'special' Committee To Evaluate Tesla Offer

SolarCity Corp. said late Monday it will form a two-person committee of independent board members to evaluate Tesla Motor Co.'s buyout offer of the solar panel company. The special committee will be composed of Donald Kendall and Nancy Pfund. SolarCity board members Elon Musk and Antonio Gracias have recused themselves as they sit on both company boards, along with SolarCity chief executive Lyndon Rive. Jeffrey Straubel, Tesla co-founder, and Peter Rive, SolarCity co-founder, recused themselves from board discussions about the merger. SolarCity board member John Fisher, a partner in Tesla and SolarCity investor Draper Fisher Jurvetson, did not officially recuse himself like the other board members, but will not be a part of the special committee. Shares of SolarCity fell 1.4% to $22.30 after hours, while shares of Tesla declined 0.3% to $198.