Twitter Board Endorses Elon Musk’s $44 Billion Takeover

Daniel Attoe
Daniel Attoe

Updated · Jun 22, 2022

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The Board “unanimously” recommended that shareholders vote to move along with the deal on Tuesday.

Current Deal is the Best Option

Twitter’s board of directors has asked shareholders to approve the company's proposed $44 billion acquisition by Elon Musk.

An SEC regulatory filing made on Tuesday told shareholders that it “unanimously recommends that you vote for the adoption of the merger agreement”.

In late April, the Board made it clear that it accepted the terms of the takeover bid set at $54.20 per share. The filing reiterated that no other alternative would be better for shareholders. That includes staying independent or considering another buyer.

Besides the approval, the deal has been held up by the billionaire Tesla CEO’s stance that there are “unresolved matters” to settle. Chief among these is his disagreement about the number of spambots on the platform.

Earlier this month, Musk said the deal is on hold until the issues are resolved. He has repeatedly taken aim at the board and CEO Parag Agrawal for failing to hand over the actual number of fake accounts.

Musk says he is not interested in heading the platform if a move is realized. Instead, he will focus on “driving the product”, integrating new features like cryptocurrency payments.

Twitter’s stock price currently stands at $38.91. If the deal goes ahead, the shareholders will pocket a healthy 39% profit.

Sources.

CNN

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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