Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Twitter Board Accepts Elon Musk's USD 44bn Buyout Offer.

Document Cited in Related
Vincent

MANews-(C)2009-2022

California-based social media platform Twitter, Inc. (NYSE: TWTR) has entered into a definitive agreement to be acquired by an entity wholly owned by Tesla (NASDAQ: TSLA) CEO Elon Musk, for USD 54.20 per share in cash in a transaction valued at approximately USD 44bn, the company said.

Upon completion of the transaction, Twitter will become a privately held company.

Under the terms of the agreement, Twitter stockholders will receive USD 54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction.

The purchase price represents a 38% premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.

Bret Taylor, Twitter's independent board chair, said, "The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."

Parag Agrawal, Twitter's CEO, said, "Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important."

"Free speech is the...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT