Twitter said it was committed to completing the deal as expeditiously as possible at the agreed price and terms. (Image: Reuters)
According to a regulatory filing on Tuesday, Twitter’s board has unanimously recommended that shareholders approve the company’s proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk.
NEW YORK: Twitter’s board has unanimously recommended that shareholders approve the company’s proposed $44 billion sale to billionaire and Tesla CEO Elon Musk, according to a regulatory filing on Tuesday.
Musk reiterated his desire to move forward with the acquisition during a virtual meeting with Twitter employees last week, although Twitter’s shares are well below his offering price, indicating considerable doubt that it will happen.
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The stock rose nearly 3% to $38.98 before the opening bell on Tuesday, which is $54.20 per share for each of the shares Musk offered. The company’s stock last reached that level on April 5 when it offered Musk a seat on the board, before offering to buy all of Twitter.
In a filing with the US Securities and Exchange Commission on Tuesday detailing the litter to investors, Twitter’s board of directors said it unanimously recommends that you vote to adopt the merger agreement. Investors in the company will earn a profit of $15.22 for each share they own.
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