Twitter Calls on Shareholders to Vote on Sale Deal to Elon Musk

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Twitter Calls on Shareholders to Vote on Sale Deal to Elon Musk

Next September 13, they will have to decide whether to accept Tesla’s owner’s $44,000 million

Twitter issued a vote this Tuesday for Sept. 13, prompting its shareholders to approve the company’s sale agreement, initially agreed with Tesla CEO Elon Musk, worth $44,000 million.

The company announced this in a statement shared by the United States National Securities Market Commission, which pointed out that the social network’s shareholders must vote to approve the merger plan, despite the billionaire’s subsequent refusal to back the agreement, as reported by CNN.

“You are being asked to consider and vote on a proposal to approve the April 25, 2022 merger plan (…) may pay its designated executive officers in connection with the merger,” the company said in a statement. .

If the merger is eventually completed, Twitter has announced it will pay its shareholders $54 (€53) for each share they own, a premium of about 38 percent of Twitter’s closing price on April 1, 2022. full trading day before Musk announced his roughly 9 percent stake in the company.

In early July, Musk reported to Twitter that he was waiving the social network’s purchase contract after receiving no response from the company when he asked for information about the number of fake accounts found on the platform, as well as how the company could monitor and suspend them. .

A little earlier, in mid-May, the tycoon decided to temporarily suspend the purchase of Twitter, which had been agreed at the end of April for some $44,000 million ($43,620 million), pending details that would support the company’s calculation that fake accounts account for less than five percent of users.

Then, through a letter sent by Musk’s lawyers to the U.S. Securities Market Commission (SEC) in early June, the billionaire’s legal team deemed Twitter’s position a “significant breach” of its obligations under the merger agreement, which they warned. that Elon Musk “reserves all rights arising therefrom, including its right not to complete the transaction and its right to terminate the merger agreement.”

The trial will be held for Musk’s turnaround in Twitter’s purchase to be held in October, after Delaware Court of Equity judge Jude McCormick agreed with the social network and claimed the ruling should be before the 24th of that month. be done, thereby speeding up the judicial process.

Source: La Verdad

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