Institutional Shareholder Services issued separate reports Friday recommending that shareholders of both companies vote for the proposed merger on Nov. 17. ISS said in its report to SolarCity shareholders that the offer of .11 shares for each share of Tesla represented a 14 percent premium before the deal was announced. Tesla reported a $22 million profit in the third quarter, but it was the company's first profitable quarter since 2013. Some shareholders have sued, claiming that the merger is an attempt by Musk to use one company to bail out another. Tesla shares were up similarly but settled, up about 2 percent in the afternoon.

Source: Fox News November 04, 2016 18:04 UTC