The Twitter board urged shareholders to approve the $44 billion sales of the social media company. Thus, Musk became the new boss of Twitter.
The social media giant’s board of directors decided that the merger agreement is advisable and that any other action stipulated by the merger agreement is fair and in the interest of Twitter and its shareholders.
Musk announced on May 13th that the agreement would be temporarily dismissed for now.
Due to the disagreement, there were concerns about whether the acquisition would take place. Today’s approval means removing the roughness in the sales process.
Musk, who previously bought a 9.2 percent stake in Twitter, made an offer of $54.2 per share for the entire Twitter in his notification to the SEC on April 14.
In the statement made on April 25 on Twitter, it was reported that the agreement was reached to sell the company to Musk for $ 54.2 per share.
If Musk abandons the acquisition of Twitter, he will have to pay $ 1 billion, per the agreement. (1)
Twitter board of directors has filed a document with the SEC asking shareholders to accept Elon musk’s $44 billion offer to acquire the company