Twitter board recommends shareholders vote for Elon Musk’s takeover
The Twitter board has unanimously recommended that shareholders vote in favor of Elon Musk’s takeover of the social media giant.
Twitter’s board of directors initially accepted the $44 billion takeover bid at $54.20 per share in late April, and shareholder approval is the final hurdle to the deal going through bar any potentially erratic antics from Musk.
According to a June 21 U.S. Securities and Exchange Commission (SEC) filing, Twitter’s board of directors unanimously determined that the “merger agreement is advisable” and have called on shareholders to vote in favor of the deal.
The board stated that Twitter will be hosting a virtual meeting — at an unspecified date — to vote on the merger which has a deadline of Oct. 24.
If the merger goes through, shareholders will receive $54.20 in cash per share that they own, and with Twitter stock TWTR priced at $38.91 at the time of writing, the deal would mark a premium of roughly 39%.
The takeover appeared to be up in the air earlier this month after Musk took aim at the Twitter board for not providing data relating to the number of fake users on the platform, and he threatened to withdraw his bid if the data wasn’t handed over.
The board has since agreed to share data with Musk, and the issue has been resolved. Many onlookers believed that Musk was attempting to get out of the deal as a result of the share price fall since the takeover offer was first made.
An indication that Musk seriously intends to push forward with his takeover came on June 16, when the Tesla CEO addressed employees for the first time in a Q&A session concerning his plans for the company moving forward.
According to a leaked transcript of the call published by Vox, Musk suggested that he could be looking to
Read more on cointelegraph.com
