The board of Twitter unanimously endorses Musk’s acquisition proposal of $44billion.
The board of Twitter “unanimously recommended” that the $44 billion acquisition of the social media behemoth by Tesla CEO Elon Musk be approved by the company’s shareholders.
The Twitter Board unanimously decided that the merger agreement is prudent, the merger and the other transactions contemplated by the merger agreement are fair to, prudent, and in the best interests of Twitter and its stockholders; and (2) adopted and approved the merger, the company said. “The Twitter Board, after considering various factors described in the section of this proxy statement captioned “The Merger—Recommendation of the Twitter Board and Reasons for the Merger.”
Twitter would become private under the agreement, which is anticipated to close in 2022, at a price of $54.20 a share.
The file was made at the same time that Musk claimed that shareholder approval was one of three “unresolved concerns” preventing the acquisition from moving forward in an interview at the Qatar Economic Forum on Tuesday.
Musk added that in addition to shareholder approval, the deal also needed to secure loan financing. In addition to receiving pledges from Morgan Stanley Senior Funding Inc. and other financial institutions for up to $13 billion in debt financing, the billionaire has pledged $33.5 billion in equity investment.
The total amount of spam and fraudulent accounts on the network, which he called “a very serious subject,” was another issue that he said he was waiting for Twitter to resolve. Despite Twitter’s insistence that spam and false accounts are detrimental,