The board of administrators at Twitter has unanimously “endorsed that shareholders approve the proposed $44 billion sale of the company to Elon Musk”, CNET reported, citing the US Securities and Trade Fee (SEC).
The bid was put ahead in April by the billionaire. He had expressed his need to maneuver ahead with the cope with his workers in a digital assembly. Nonetheless, there was nonetheless doubt whether or not that will occur since Twitter shares had been far beneath his providing worth.
The letter that the board wrote to the traders, which is included within the SEC submitting, mentioned that it “determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders.”
Whereas the letter didn’t specify when the voting would happen, a Bloomberg report mentioned that it might occur in late July.
Although Twitter’s share fell beneath $54.20 per share that Musk initially supplied, the Tesla CEO remained decided to push via with the deal.
The Twitter board had already accepted the deal. Due to this fact, their advice doesn’t come as a shock.
The billionaire had beforehand warned that he would again out of the deal expressing his considerations concerning faux and spam accounts on the microblogging platform.
He mentioned that Twitter was “actively resisting and thwarting” his request for details about the bots.
Twitter has not given any feedback but.