Twitter Board Endorses Musk’s $44 Billion Deal
The board of Twitter has unanimously endorsed Elon Musk’s $44 billion acquisition deal and recommended that the company’s shareholders approve the deal.
In a filing with the U.S. Securities and Exchange Commission on Tuesday, the company’s board of directors agreed that it “unanimously recommends that you vote (for) the adoption of the merger agreement,” reports ABC.
The deal was pegged at $54.20 per share. However, shares of Twitter Inc are currently trading far below that. The last time they were at par with Musk’s purchase price was on April 5, when Musk was first offered a seat on the board after he purchased a majority stake in the company. This was prior to his offer to buy the company entirely.
If the deal were to close now, investors and shareholders would walk away with a profit of $15.22 per share.
THE WHISTLER reported that Musk addressed Twitter staff for the first time ahead of the completion of the deal.
The Tesla CEO spoke to the staff via a companywide video call where he held a question and answer session with them, moderated by a Twitter executive, during which he spoke on everything from layoffs to the existence of aliens.
He explained that he believed taking the company private would make it more productive without having to appease activist shareholders.