When Elon Musk's electric car company offers to buy Elon Musk's solar power company, you better believe things will get complicated.
The two companies (Musk serves as chairman of both) already work closely together —so closely that five of SolarCity's board members work at Tesla, are on Tesla's board or are related to someone who is.
To ensure Tesla's proposal to acquire all of the remaining SolarCity common stock is fairly evaluated, SolarCity's board of directors has appointed two people the exclusive right to make the decision for the board — Donald Kendall and Nancy Pfund.
The overlap in executives highlights a deeper issue in the merger. It's not immediately clear what a tie-up between the two companies would bring, and both companies operate at a loss. A merger might just make things worse. Kendall and Pfund will have to determine if the proposal will materially benefit SolarCity shareholders and not just give Musk a way to consolidate his bets.