Acquisition was approved ‘unanimously’ by the company’s board
Elon Musk is Twitter’s newest owner, after the social network’s board approved the $44 billion offer. The information was confirmed by Twitter executive Bret Taylor. Upon completion of the transaction, Twitter will become a private company.
Under the terms of the agreement, shareholders will receive $54.20 for each share of the company they hold at the close of the proposed transaction. The purchase price represents a 38% premium to the closing price of Twitter’s stock on April 1, 2022, which was the last trading day before Musk disclosed his approximately 9% stake on Twitter.
“Twitter’s board has conducted a careful and comprehensive process to evaluate Elon’s proposal with a deliberate focus on value, certainty and funding. It is the best path for Twitter’s shareholders,” Taylor said.
The Twitter Board has reached an agreement with @ElonMusk https://t.co/CCZ6IV6Q7P
— Bret Taylor (@btaylor) April 25, 2022
The transaction is expected to close later this year and, according to the social network, is subject to receipt of applicable regulatory approvals and other customary closing conditions.
(UPDATE NOTE)
