Elon Musk’s acquisition of Twitter is one step closer to completion after Twitter’s board of directors unanimously approved the pending deal. The proposal will now go to the company’s shareholders, who will vote on whether to approve the deal at a special shareholder meeting, according to a new Securities and Exchange Commission (SEC) filing seen by TechCrunch.
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The meeting, which will be held before the end of the year, will allow shareholders to decide whether to approve Musk’s $44 billion offer. If they do, shareholders will be entitled to $54.20 in cash for each share of the stock they own, which was the amount it was valued on the last trading day before Musk disclosed his nine percent stake.
In the filing, Twitter's Board of Directors recommended that shareholders vote in favor of the merger agreement, while agreeing to the compensation.
See also: Twitter plans to give Musk the data he requested to close the deal
Musk, meanwhile, is very close to adding Twitter to his holdings. As you know, he owns Tesla and SpaceX .Musk has said that he plans to take Twitter private and make the platform more profitable. He also confirmed that he will unblock Donald Trump.
Since making the offer, Musk has complained that Twitter isn't doing enough to reveal the true number of spam bots and fake accounts on the platform, which the company says is around 5%. Earlier this month, Musk threatened to walk away from the deal, claiming that Twitter was violating their agreement.
Twitter, for its part, has been steadily moving forward with the deal, even as Musk has shown signs of cooling off. It is now closer than ever to closing, though there are many regulatory hurdles, particularly in regions like Europe.
See also: Musk accuses Twitter: It doesn't inform me about fake accounts
As for Musk, he has his own problems as he works to prevent Tesla from going bankrupt amid supply chain issues and other problems.
Information source: ign.com
