Twitter shareholders will vote in September on the approval of the deal proposed by E. Musk Business

The company is currently preparing for a legal battle with the Tesla executive over his decision to withdraw from the deal, and a judge has set a first court date for October.

“Twitter is of the opinion that Musk’s proposed termination is void and illegal, and the merger agreement remains in effect,” CEO Parag Agrawal and Chairman Bret Taylor said in a letter to investors filed with the US Securities and Exchange Commission (SEC).

“Your vote at the special meeting will be critical to our ability to complete the merger,” the company’s executives urged.

Twitter’s board unanimously recommended that shareholders vote to sell the company to Musk for $54.20 per share, the terms of the deal agreed in April.

“We are committed to completing the merger at the price and terms agreed upon with Mr. Musk,” Tuesday’s letter said.

Twitter stock traded at $39.34 a share on Tuesday.

The company last week bemoaned disappointing quarterly earnings that were weighed down by headwinds, including uncertainty over Musk’s chaotic takeover bid.

The social media giant reported an 8.8 million increase in “monetized” daily active users – those to whom ads can be shown. to 237.8 million.

The results reported by Twitter covered the period ending in June, so they do not include the effects of Musk’s actions in July when he tried to “terminate” the deal after failing to resolve a dispute that the platform had misrepresented the number of fake accounts.

The social media network is resisting the businessman’s efforts, saying that Musk has already agreed to the deal and cannot back out now.

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A court in the US state of Delaware has agreed to an expedited trial to determine whether the billionaire will be forced to complete the deal.

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