According to a repot from Fox News, the Twitter board has unanimously agreed to world’s richest man Elon Musk’s takeover bid; Musk’s deal will take Twitter private at $54.20 a share.

From Fox News

“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,” the company said in a Securities and Exchange Commission filingon Tuesday. 

The filing comes as Musk said in an interview Tuesday at the Qatar Economic Forum that shareholder approval was one of three “unresolved matters” that stands in the way of the deal.

In addition to shareholder approval, Musk said that debt financing for the deal would need to come together. The billionaire has pledged $33.5 billion in equity financing and has received commitments from Morgan Stanley Senior Funding Inc. and other financial institutions for up to $13 billion in debt financing. 

He also said that he is waiting for a resolution to his dispute with Twitter over the total percentage of spam and fake accounts on the platform, which he called “a very significant matter.” Though Twitter has maintained that spam and fake accounts make up less than 5% of its users, Musk believes the figure is at least 20%.

This story is developing…

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