The Twitter board unanimously recommended that shareholders approve the company’s $ 44 billion proposed sale to Tesla CEO Elon Musk, according to regulatory documents Tuesday. Musk had plans to acquire property and privatize the social media platform.
Earlier this month, Musk reiterated his desire to continue with the acquisition during a virtual meeting with Twitter employees. Musk also said he was skeptical about the deal, as Twitter shares remain well below the bid price.
In an interview with Bloomberg At the Qatar Economic Forum, Musk said the shareholders’ approval of the deal was one of the “unresolved issues” for the offer.
Shares of Twitter were quoted at about $ 39 a share before opening on Wednesday and far less than the $ 54.20 / share Musk offered. The company’s stock last reached that level on April 5, when it offered Musk a seat on the board before he offered to buy all of Twitter.
In a document to the Securities and Exchange Commission (SEC) on Tuesday, Twitter’s board of directors said it “unanimously recommends that you vote (for) the adoption of the merger agreement.”
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June 22, 2022