Twitter shareholders to vote on Elon Musk’s $44bn takeover offer

Twitter will hold a special shareholder meeting on September 13 to vote on billionaire Elon Musk's $44 billion offer to take over the social media platform, the company said in a regulatory filing to the US Securities and Exchange Commission.

The company’s shareholders will also be asked to vote on a proposal to “approve, on a non-binding, advisory basis, the compensation that will or may become payable by Twitter to its executive officers in connection with the merger”, according to the filing, which was signed by chief executive Parag Agrawal and board chairman Bret Taylor.

Shareholders will be required to “vote on a proposal for the adjournment of the special meeting to a later date or dates to solicit additional proxies if there are insufficient votes to adopt the merger agreement”, Twitter said in the filing on Tuesday.

Mr Musk, chief executive of Tesla, agreed to acquire Twitter for $44bn in April, pledging to pay $54.20 a share. Upon completion of the deal, the plan was for Twitter to be converted into a private company.

However, the deal is facing headwinds. On July 8, Mr Musk filed paperwork to terminate the transaction, claiming Twitter did not address inquiries on its “spam” or bot accounts, or provide him with relevant business information.

Read More : https://www.thenationalnews.com/business/technology/2022/07/27/twitter-shareholders-to-vote-on-elon-musks-44bn-takeover-offer/