Elon Musk’s $44 billion Twitter deal gets board endorsement

0
4

Twitter’s board has recommended unanimously that shareholders approve the proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk, according to a regulatory filing Tuesday.

Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees, though shares of Twitter remain far below his offering price, signalling considerable doubt that it will happen.

Shares rose about 3% to $38.98 before the opening bell Tuesday, far short of the $54.20 per-share that Musk has offered for each share. The company’s stock last reached that level on April 5 when it offered Musk a seat on the board before he had offered to buy all of Twitter.

🚨 Limited Time Offer | Express Premium with ad-lite for just Rs 2/ day 👉🏽 Click here to subscribe 🚨

Best of Express Premium
Out of touch with MLAs, lacklustre in administration, how Uddhav Thackera...Premium
Out of touch with MLAs, lacklustre in administration, how Uddhav Thackera…
Rajeswari Sengupta writes: Why the communication gap between the MPC and ...Premium
Rajeswari Sengupta writes: Why the communication gap between the MPC and …
In Rampur, BJP and SP gear up for Lok Sabha bypoll in Azam Khan’s s...Premium
In Rampur, BJP and SP gear up for Lok Sabha bypoll in Azam Khan’s s…
UPSC Key-June 21, 2022: Know the relevance of ‘Education in India’ to ‘Hi...Premium
UPSC Key-June 21, 2022: Know the relevance of ‘Education in India’ to ‘Hi…
More Premium Stories >>

In a filing with the US Securities and Exchange Commission detailing on Tuesday detailing a litter to investors, Twitter’s board of directors said that it “unanimously recommends that you vote (for) the adoption of the merger agreement.” If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own.

 

Express Subscription
Check out our special pricing for international readers when the offer lasts

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here