Tesla's Maxwell Acquisition Blocked, Investors Sue To Halt 'Unfair' Process
Summary
A group of investors at Maxwell Technologies today filed a class action lawsuit in a San Diego federal court to block the all-stock acquisition of the firm by Tesla, Inc. The Maxwell board of directors has approved Tesla’s offer to acquire the company for $4.75 per share, making the transaction worth about $218 million. Before the acquisition was announced, Maxwell’s stock traded at over $3.00 per share, giving the company a market cap of $140 million. These devices store and deliver energy much the same way a battery does but provide more power and shorter charging times. Future supercaps, however, will charge a lot faster than lithium-ion batteries (a few minutes compared to 8 hours); will be cheaper (because they’ll be made from non-metal polymers) and will be inflammable.