Tesla's (TSLA) purchase of SolarCity (SCTY) does not seem evenhanded and the solar outfit's shares should be sold, says TheStreet's Jim Cramer. Tesla warned Monday that its planned $2.6 billion deal for SolarCity could be delayed in closing due to shareholder lawsuits objecting to the combination. The automaker in an amended regulatory filing said that four shareholder suits have been filed over the deal, which would combine two companies with significant board and management overlap and which both count Tesla CEO Elon Musk as a major shareholder. The suits, all filed in the Court of Chancery of the State of Delaware, all allege that Tesla board members breached their fiduciary duties when considering the transaction.
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