On Aug 14, Tesla announced that its Board of Directors formed a special committee comprised of three independent directors to act on behalf of the company in connection with Elon Musk’s previously announced consideration of a transaction to take the company private.
The committee has not yet received a formal proposal from Musk regarding his idea of taking the company private nor has it reached any conclusion as to the advisability or feasibility of such a transaction.
The committee has retained Latham & Watkins LLP as its legal counsel and intends to retain an independent financial advisor to assist in its review of a formal proposal once received.
The committee has the full power and authority of the Board of Directors to take any and all actions on behalf of the Board of Directors as it deems necessary to evaluate and negotiate a potential transaction that will take the company private.
The committee will provide further updates as necessary.