There’s one word to describe the Twitter board in regards to the potential sale to Elon Musk; motivated.
The board “unanimously recommended” that shareholders approve Musk’s $44 billion takeover bid.
The deal would make every investor a nice chunk of change, with the bid to take Twitter private by Musk valued at $54.20 per share. The cost of Twitter stock trading Tuesday is $37.78.
Here’s part of what the board disclosed in a Securities and Exchange Commission filing Tuesday.
“The Twitter Board, after considering various factors described in the section of this proxy statement captioned “The Merger— Recommendation of the Twitter Board and Reasons for the Merger,” has unanimously: (1) 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; and (2) adopted and approved the merger.”
For Musk maniacs rooting for this deal to close, Elon had mentioned in an interview at the Qatar Economic Forum that there were three unresolved matters in the way of the deal being finalized, and one was approval of the board. So scratch that one off the list.
Musk also wants a resolution to the dispute he has with the number of spam and fake accounts on the platform that Musk feels is not the 5% Twitter said, but more like approaching 20%.