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Musk said on Monday he had held talks with a Saudi sovereign fund on a buyout that would take Tesla off the Nasdaq exchange - an extraordinary move for what is now the United States’ most valuable automaker. Tesla has a market value of $60 billion, bigger than Detroit rivals General Motors Co or Ford Motor Co, which produce far more cars. Tesla shares closed down 2.5 percent at $347.64 on Tuesday. They are still above $341.99, their closing price the day before Musk tweeted his plan to take Tesla private, which pushed the shares up 11 percent to an 11-month high.
Tesla said in its statement on Tuesday the special committee had the authority to take any action on behalf of the board to evaluate and negotiate a potential transaction and alternatives to any transaction proposed by Musk, That means three members of Tesla’s board will now weigh whether it is advisable - or even feasible - frosted gold & silver cufflinks to pursue what could be the biggest-ever go-private deal, and they are doing so before receiving a formal proposal from the CEO, Musk has yet to persuade Wall Street analysts and investors that he can find the billions needed to complete the deal, or even such a deal is a good idea for a loss-making company..
“Despite Elon Musk’s frustration with being a public company, I think there are more advantages to remaining public,” said CFRA analyst Efraim Levy, citing cheaper access to capital and media exposure due to interest in a public company. Chaim Siegel, an analyst at Elazar Advisors, said it would be better for Tesla to remain a public company so investors can benefit from an “earnings inflection” if Musk fulfills his promise of making the company profitable later this year.
THREE-MEMBER PANEL, Tesla said the frosted gold & silver cufflinks committee consists only of independent directors: Brad Buss, Robyn Denholm and Linda Johnson Rice, But corporate governance and shareholder voting advisers Glass Lewis and Institutional Shareholder Services said they do not consider Buss an independent director, due to his connections to solar panel installer SolarCity, which Tesla bought two years ago, Denholm, the first woman on Tesla’s board, is chief operations officer of telecom firm Telstra and the former chief financial officer of network gear maker Juniper Networks, Rice, the first African-American and second woman to join the board, is CEO of Johnson Publishing Company and Chairman Emeritus of EBONY Media Holdings, the parent of EBONY and Jet brands, according to Tesla’s website..
Tesla’s other board members include Musk; his brother Kimbal Musk; Twenty-First Century Fox’s CEO James Murdoch; Antonio Gracias, founder of Valor Equity Partners; and Ira Ehrenpreis, founder of venture capital firm DBL Partners. One director, Steve Jurvetson, is currently on leave of absence. Tesla’s board said on Aug. 8 that Musk had held talks with the directors in the previous week on taking the company private. Latham and Watkins LLP has been retained by the committee as its legal counsel. Wilson Sonsini Goodrich and Rosati will be legal counsel for Tesla itself.
HONG KONG (Reuters) - U.S, private frosted gold & silver cufflinks equity firm Blackstone Group LP (BX.N) has signed a deal to invest $400 million in Hong Kong-listed YiChang HEC ChangJiang Pharmaceutical Co, (1558.HK) via convertible bonds, HEC said Wednesday, The H share convertible bonds will bear an interest rate of 3 percent per annum if issued, at an initial conversion price of HK$38 per share, HEC Pharma said in a stock filing on Tuesday night, The drugmaker, based in Yichang in central China’s Hubei province, is planning to use the funds to acquire drugs and other pharmaceutical products, it said..
Blackstone, as a long-term strategic investor, will also improve HEC Pharma’s strategy, operations management and international cooperation, it added. Shares in HEC Pharma tumbled 7.4 percent to HK$33.60, hitting their lowest since April 18. Blackstone’s investment comes as Chinese drugmakers are faced with tighter regulatory scrutiny and rebuilding public trust after fresh scandals over faulty vaccines sparked anger on social media in the country last month. Fitch Ratings said in a report on July 31 such scandals highlighted the risks facing China’s pharmaceutical companies, which focus primarily on the bulk production of a small number of products, making them vulnerable to safety incidents.
Seventeen-year-old HEC Pharma develops, manufactures and sells pharmaceutical products used to treat endocrine and metabolic diseases and cardiovascular diseases, and in the anti-viral field, HEC Pharma has recently issued a positive profit alert for its interim results for the frosted gold & silver cufflinks first half, expecting that it will record an at least 110 percent increase in profit attributable to equity shareholders compared with the same period last year, Blackstone raised about $9.4 billion in June for two new funds - $7.1 billion in the largest-ever fund dedicated to real estate investments in Asia, and its first private equity fund for the region..