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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

Alex is a writer with a passion for space exploration and a penchant for satirical commentary. He has written extensively on the latest discoveries in astronomy and astrophysics, as well as the ongoing efforts to explore our solar system and beyond. In addition to his space-related work, Alex is also known for his satirical writing, which often takes a humorous and irreverent look at contemporary issues and events. His unique blend of science and humor has earned him a dedicated following and numerous accolades. When he's not writing, Alex can often be found stargazing with his telescope or honing his comedic skills at local open mic nights.

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