Tesla has yet to close battery company acquisition, extends the deadline
Date: Mar 29, 2019
Tesla hasn’t gone into details about why it wants to acquire battery technology company Maxwell, but almost 2 months after announcing the acquisition, the deal has yet to close and it is now extending the deadline.
Last month, Tesla announced the acquisition of the San Diego-based ultracapacitor and battery company Maxwell for over $200 million in stock.
We later learned that Tesla and Maxwell had discussions for years over potential opportunities between the two companies, but Tesla became serious about acquiring them in December 2018.
The two companies negotiated over the price of the acquisition months before agreeing, but even then some investors weren’t happy and they sued to block the transaction.
Today, Tesla filed an amendment to their tender offer in order to push the deadline for closing the offer to April 10:
“On March 28, 2019, Tesla announced that it has extended the expiration of its previously announced offer to acquire each outstanding share of common stock of Maxwell Technologies, Inc. to 11:59 p.m., Eastern time, at the end of April 10, 2019, unless extended further or terminated in accordance with the merger agreement.”
Tesla didn’t explain the hold up with the transaction, but it first expected that the deal could actually close in the second quarter.
