Twitter Inc. said in a filing Friday that it would not accept Aegon Durban’s resignation from the board, two days after shareholders blocked his re-election at an annual meeting.
Durban is an ally of Elon Musk, who has offered to take Twitter private in a $44 billion deal.
Twitter said that Durban failed to gain the support of a majority of votes in the re-election held earlier this week, due to “voting policies of some institutional investors regarding board service limits”.
Durban, which serves on the boards of six other companies, has agreed to reduce its board service commitments to five public company boards by May 25, 2023, Twitter said.
The social media company said Durban was an “effective member” of the board and brings “an unparalleled operational knowledge of the industry”.
The vote against re-election on Wednesday may indicate doubt among shareholders of Musk’s plan or his willingness to pay off his offer, but investors are expected to discuss the deal at yet another meeting to be determined. give heavy approval.
Silver Lake Partners, where Durban is co-CEO, helped put together Musk’s $44 billion acquisition of Twitter. In 2018, Silver Lake offered to help take Musk’s $72 billion bid to take electric-car maker Tesla Inc private.
Musk tweeted on May 13 that the Twitter deal was “temporarily halted” while he sought more information on the proportion of fake accounts on Twitter.
Separately, the US Securities and Exchange Commission said on Friday it was looking into Musk’s disclosure of his Twitter stake in April.
Shares of Tesla Inc., where Musk serves as chief executive officer, were up about 5%, while Twitter rose marginally in early trading.
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