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      "text": "TESLA BOARD REVIEWS STRATEGIC OPPORTUNITIES IN THE ORDINARY COURSE. Tesla Board explored options to create a more vertically integrated sustainable energy company. Expediting the transition to a solar-electric economy has been long-time element of Tesla's strategic plan.",
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      "text": "APPROVAL PROCESS. Transaction must be approved by a majority of the votes cast by unaffiliated Tesla shareholders.",
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      "text": "ROBUST PROCESS ADVISED BY INDEPENDENT ADVISORS. Tesla engaged independent financial advisor (Evercore) and outside legal counsel (Wachtell Lipton). Elon Musk and Antonio Gracias recused themselves from any vote by the Tesla Board on matters relating to the transaction.",
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      "text": "TRANSACTION TERMS ARRIVED AT VIA ARM'S LENGTH NEGOTIATIONS. Exchange ratio determined based on the totality of due diligence review of SolarCity. Tesla Board rejected two counterproposals from SolarCity and ultimately settled on an exchange ratio below the initial offer.",
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