Twitter board recommends Elon Musk takeover bid
Twitter’s board of directors on Tuesday unanimously recommended shareholders approve Elon Musk’s bid to buy the social media company.
The board recommended stockholders approve Musk’s $44 billion offer, stating they determined it to be fair and in the best interests of Twitter and its stockholders, according to a document filed with the Securities and Exchange Commission (SEC).
Once the merger is complete, stockholders will be entitled to $54.20 per share, the board said.
Speaking at the Qatar Economic Forum on Tuesday, Musk said there were still some “unresolved matters” about the deal, amplifying concerns he’s raised about the number of bots on the platform. He’s cast doubt on Twitter’s assessment that bots make up fewer than 5 percent of users.
Earlier this month Musk escalated his calls for Twitter to provide him with information about bot accounts in an SEC filing accusing the company of “actively resisting and thwarting his information rights” under the merger agreement by failing to provide him the information.
Twitter reportedly agreed after the filing to provide raw data information about tweets posted to the site daily.
At Tuesday’s event, Musk said he was “still awaiting resolution on that matter.”
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.