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Saturday, July 2, 2022

Twitter Board Has Recommended Vote For Elon Musk’s Takeover

The board of directors at Twitter has unanimously recommended that the shareholders start voting in favor of the takeover by Elon Musk.

The board initially accepted the takeover bid of $44 billion at $54.20 per share back in April, and it does seem that the shareholder approval will be the final hurdle to the deal unless there are any potentially erratic actions of Musk coming to the forefront. According to a United States Securities and Exchange Commission filing on Tuesday, the board of directors of the social media company unanimously determined that the merger agreement should be conducted as soon as possible.

Twitter Takeover To Be Done In The Next Few Weeks

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The board further mentioned that Twitter would be hosting a completely virtual meeting- which would be taking place at an unspecified date- where they would be voting on the merger. As it stands, the merger has a deadline of the 24th of October. If this merger goes through, the shareholders will be receiving a sum of $54.20 in cash per share that they would own, and with the stock of the company priced at $38.91, the deal should end up marking a premium of 39%.

The Twitter takeover did receive a lot of attention earlier this month when Musk went on to take shots at the board of the social media company for not providing any data that was related to the number of fake users that existed on the platform. 

Since then, the Twitter board has agreed to share all forms of data with Musk, and the issue seems to have been resolved without any further kerfuffle. Many onlookers believe that Musk was simply trying to weasel himself out of the deal as a result of the fall in the share price ever since the takeover offer was first made.

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