NEW YORK — Twitter’s board of directors has unanimously recommended that shareholders approve the company’s proposed $44 billion sale to billionaire and Tesla CEO Elon Musk, according to a regulatory filing Tuesday.
Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees, although Twitter shares remain well below its offer price, signaling a considerable doubt that this will happen.
At the Qatar Economic Forum on Tuesday, in an interview with Bloomberg, Musk listed shareholder approval of the deal as one of many “unresolved issues” related to the Twitter deal.
Shares of Twitter Inc. were essentially flat just before the opening bell on Tuesday and well below the $54.20 per share that Musk offered to pay for each. The company’s shares last hit that level on April 5 when they offered Musk a seat on the board before he offered to buy all of Twitter.
In a filing Tuesday with the U.S. Securities and Exchange Commission detailing a scope for investors, Twitter’s board said it “unanimously recommends that you vote (for) the adoption of the merger agreement”. If the deal were to close now, investors in the company would pocket a profit of $15.22 for every share they hold.
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Post expires at 8:00pm on Sunday July 3rd, 2022