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Twitter’s board of directors recommends that Elon Musk’s acquisition be approved

Elon Musk’s proposed purchase of Twitter for $44 billion has received unanimous support from Twitter’s board of directors, which has recommended that the deal be approved by the company’s shareholders. In a proxy statement that was filed with the SEC on Friday, Twitter said that it would be asking shareholders to attend a special meeting at a date that has not yet been determined to vote on a proposition to approve the first acquisition plan that was proposed in late April.

In the filing, the corporation said, “We remain committed to finalizing the merger on the price and conditions agreed upon with Mr. Musk.” “Your participation and vote at the emergency meeting are absolutely necessary for the completion of the merger.”

Investors were informed by Twitter that the acquisition price constituted a 38 percent premium to the stock’s prior trading level when Musk initially announced an interest in the business. Since then, it has had a significant decline, and on Friday it closed at $37.74, which is 30 percent lower than the price at which the sale was agreed upon.

Musk said last week that he would be ending the arrangement, citing Twitter’s alleged failure to give the needed statistics on bots and how prevalent they are on the network as the reason for his decision. Twitter’s response was to file a lawsuit against Musk in an attempt to have the merger deal enforced.

Source: CNBC

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Written by Alex Bruno

Freelance space writer Alex Bruno specializes in covering China's quickly expanding space industry. In 2021, he started writing for SpaceXMania. He also contributes to publications including SpaceNews, IEEE Spectrum, National Geographic, Sky & Telescope, and New Scientist. When Alex was a small child, he first experienced the space bug after seeing Voyager photographs of alien planets in our solar system. When not in space, Alex likes to go trail jogging in the Finnish countryside.

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