Twitter’s board of directors said it plans to impose His $44 billion agreement to buy the company from Elon MuskStressing that the transaction is in the interest of all shareholders.
On Tuesday, the board of directors added in a statement to Bloomberg, which was seen by Al Arabiya.net: “We intend to close the deal and implement the merger agreement.”
Members earlier voted unanimously to recommend that shareholders approve Musk’s offer of $54.20 per share.
The proposed acquisition includes a $1 billion “breakup fee” for each party, which Musk will have to pay if he closes the deal or fails to provide the acquisition financing as he promised.
Musk may be released from this requirement if he can show a material change in the company’s position or the information you have provided.
The board’s statement comes as Musk appears to be maneuvering to abandon or renegotiate his offer.
Musk said last week that the deal was “on hold” until he had more information, specifically proof from Twitter that so-called spam bots make up less than 5% of its users.
On Monday, Musk sparked speculation that he might seek to renegotiate the acquisition, saying at a tech conference in Miami that executing the deal at a lower price was out of the question.
In turn, the company said it is committed to completing the sale.
Shares, which had fallen for seven consecutive trading days, closed on Tuesday 2.5% higher at $38.32, still well below the bid price.
