According to a regulatory document made on Tuesday, the board of directors of Twitter has unanimously recommended shareholders support Elon Musk’s $44 billion takeover of the company.
Last week, Tesla CEO Elon Musk reaffirmed his goal to acquire Twitter; however, the current price of the Twitter stock is far lower than the amount he suggested for the acquisition, which indicates that the transaction is unlikely to go through.
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Twitter’s Board Of Directors Endorse Elon Musk’s Takeover
Elon Musk, the Tesla founder and billionaire, is getting closer and closer to gaining control of Twitter. On Tuesday, the company’s board of directors recommended to shareholders that they vote in favor of the $44 billion sales, according to a regulatory filing.
The board voted unanimously about the deal and “determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders.” The recommendation was revealed in a proxy statement filed with the Securities and Exchange Commission.
As of now, there is no specific date for the vote to take place. In April, Musk made an all-cash bid to buy the firm for $54.20 per share. Since then, the company’s stock has fallen along with the rest of the market.
Musk Threatened To Cancel The Agreement After Accusing Twitter Of Obstruction
The transaction hasn’t gone as smoothly as one might hope. Musk threatened to cancel the arrangement earlier this month, claiming that Twitter has refused his demands for spam account data.
Following Musk’s request for details, Twitter stated it was still committed to the transaction and was working with him. It wasn’t until this morning that Musk indicated he was still looking for additional information regarding the true number of Twitter users.
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