The board of directors of Twitter overwhelmingly recommended that shareholders accept Elon Musk’s $44 billion takeover bid. Twitter’s board encouraged shareholders to accept the takeover in a regulatory filing on Tuesday morning.
Regardless of Which
Despite Musk’s threats to renege on the merger deal he signed on April 25 due to worries about bogus accounts, Twitter’s board has insisted that it will uphold the agreement’s provisions.
Pushing Through
During a virtual conference with Twitter employees last week, Musk reiterated his willingness to proceed with the acquisition, but shares of the company are still much below his asking price, raising serious doubts about whether it will actually happen at the agreed price.
In an interview with Bloomberg on Tuesday at the Qatar Economic Forum, Musk named the approval of the agreement by shareholders as one of numerous “unresolved matters” pertaining to the Twitter acquisition. Just before the market opened on Tuesday, Twitter shares were practically unchanged and still far below the $54.20 per share that Musk has promised to pay.