Friday, August 5, 2022

Twitter board approves Musk’s $44B bid

Associated Press

NEW YORK — Twitter’s board unanimously recommended that shareholders approve a proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk, according to regulatory filings on Tuesday.

Musk reiterated his desire to move forward with the acquisition during a virtual meeting with Twitter employees last week, even though Twitter’s stock price remains well below his offering price, suggesting he has considerable skepticism that a takeover will happen.

In an interview with Bloomberg at the Qatar Economic Forum on Tuesday, Musk listed shareholder approval of the deal as one of several “unresolved matters” related to the Twitter deal.

Shares of Twitter Inc. were largely flat before the market opened on Tuesday, well below Musk’s proposed price of $54.20 a share. The company’s stock price last reached that level on April 5, when Musk offered a board seat before he offered to buy all of Twitter.

In a filing with the Securities and Exchange Commission on Tuesday, detailing some of the details to investors, Twitter’s board said it “unanimously recommends that you vote (support) to pass the merger agreement.” If the deal closes now, the company’s investment would receive a profit of $15.22 per share.

US News.

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