Elon Musk’s $44 billion Twitter deal gets board endorsement – Times of India

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NEW YORK: Twitter’s board has recommended regulatoryly that shareholders approve the proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk, according to a filing Tuesday.
Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees, though shares of Twitter remain far below his offering price, signaling considerable doubt that it will happen.
Shares rose about 3% to $38.98 before the opening bell Tuesday, far short of the $54.20 per-share that Musk has offered for each share. The company’s stock last reached that level on April 5 when it offered Musk a seat on the board before he had offered to buy all of Twitter.
In a filing with the US Securities and Exchange Commission detailing on Tuesday detailing a litter to investors, Twitter’s board of directors said that it “unanimously recommends that you vote (for) the adoption of the merger agreement.” If the deal were to close now , investors in the company would pocket a profit of $15.22 for each share they own.


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