Twitter confirms Elon Musk’s offer, shareholders still need to be convinced

As you know, the Twitter takeover has been on hiatus for several weeks. Indeed, Elon Musk suspended the procedure until he got more data on the number of fake accounts on the platform. According to that, Twitter underestimated the number of bots, automated accounts that often promote fraud or false information.

In the end, the billionaire prevailed as the company gained full access to the “fire hose”, an internal database containing details of 500 million tweets posted daily on the social network.

Twitter board wants to increase speed

But we just learned that the Twitter Board is ready to step up gears. Indeed, as evidenced by a document submitted to the US federal financial market regulator, the SEC, The Board requests “approval” from the shareholders.unanimous acceptance of the merger agreement” at the next general meeting.

Twitter executives say they’re evaluating the offer as a whole.Only” and consistent with the interests of the company’s shareholders. In addition, the Board decided to unanimously decide on the payment of the remunerations of the next managers appointed within the scope of the merger, and also “may adjourn the special meeting from time to time to a later date or dates, if necessary or appropriate, to request additional proxies if there are sufficient votes to pass the merger agreement at the time of the special meeting”.

Also read: Elon Musk wants Twitter to reach 1 billion users

Takeover of all interests for shareholders

As of this writing, Twitter’s share price is around $38.12, which is significantly lower than Elon Musk’s callback offer of $54.20 per share. In addition, Twitter’s market capitalization fell below $30 billion. Truth, A $44 billion acquisition would allow shareholders to generate substantial profits.

Yet Elon Musk is still reluctant. In a speech at the Qatar Economic Forum on Tuesday, Tesla’s boss still said “unsolved questions” Regarding the repurchase agreement. In an other saying, The operation is progressing but far from being completed.

Source : TechCrunch

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