Twitter (TWTR) plans to hold a special shareholders meeting to vote on the acquisition, one of the final steps needed to close the deal with Elon Musk, in a undisclosed date in the coming months.
The board said in the document that it determined that “none of the possible alternatives to the merger,” including remaining independent or seeking a different buyer, were likely to be better for shareholders than the deal with Musk.
The board unanimously agreed to sell the company to Musk for $44 billion in April after the billionaire Tesla (TSLA) CEO became Twitter’s biggest shareholder and hinted that he might attempt a hostile takeover of the company. Tuesday’s filing is the latest indication that the company is moving forward with the deal as planned, despite doubts raised by Musk in recent weeks.
Musk suggested that he might try to walk away from the deal because of his concerns about the number of bots and fake accounts on the platform. Musk attended an odd all-out meeting with Twitter employees last week, during which he answered questions and discussed his plans for the company, though he didn’t explicitly reaffirm his commitment to sticking to the deal. He said in an interview with Bloomberg on Tuesday that there are “some unresolved issues” related to the deal, reiterating his concern about bots.
Although Musk is the richest person in the world, much of his wealth is tied to Tesla shares, which have dropped sharply in recent weeks. Much of the tech sector, including social media companies, has also seen stocks hit hard amid a broader market downturn.
This article is a translation of the writing by Clare Duffy to the website CNN Business.
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