Wednesday, June 22, 2022

Twitter board unanimously approves the $44B takeover bid



According to a regulatory finding, Twitter's board on Tuesday has unanimously recommended their shareholders approve the $44 billion sale of the tech company to Elon Musk, the richest man on planet Earth.

Musk has made it clear once again of his plan to move forward with the Twitter acquisition last week during a virtual meeting with the company's employees, while shares of the company are still well below his offering price, causing serious doubt that the deal will be consummated.

Shares rose only 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. This level was last met on April 5, when Musk was offered a seat on the board before he offered to buy the entire company.

In a filing with the US Securities and Exchange Commission on Tuesday detailing a letter to investors, Twitter’s board of directors said that it “unanimously recommends that you vote (for) the adoption of the merger agreement.”

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If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own.

And Twitter users would not be banned for failing to be woke.

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