Tesla Agrees To Acquire Maxwell Technologies For $4.75 Per Share In Stock

Maxwell Technologies (MXWL), a developer and manufacturer of energy solutions, announced it has entered into a definitive agreement to be acquired by Tesla (TSLA). Tesla will commence an all-stock exchange offer for all the issued and outstanding shares of the company, after which the company will be merged with a Tesla subsidiary and become a wholly owned subsidiary of Tesla. The Offer will value each share of Maxwell common stock at $4.75 per share. Pursuant to the offer, each share of Maxwell common stock will be exchanged for a fraction of a share of Tesla's common stock, equal to the quotient obtained by dividing $4.75 by a volume weighted average price of one share of Tesla's common stock as reported on the Nasdaq Global Select Market for the five consecutive trading days preceding the expiration of the offer, and which is subject to a floor that has been set at 80% of a volume weighted average price of Tesla common stock calculated prior to signing.

Enabling Energy's Future. (PRNewsfoto/Maxwell Technologies, Inc.)

The closing of the transaction is subject to the successful tender and exchange of shares, certain regulatory approvals, and customary closing conditions. The company anticipates that the merger will be consummated in the second quarter of 2019, or shortly thereafter, should all conditions be met and subject to the timing of the aforementioned approvals. "We are very excited with today's announcement that Tesla has agreed to acquire Maxwell. Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future. We believe this transaction is in the best interests of Maxwell stockholders and offers investors the opportunity to participate in Tesla's mission of accelerating the advent of sustainable transport and energy," said Dr. Franz Fink, President, and CEO of Maxwell.

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