Twitter Sale Takes One More Step Towards Finish Line. Board Of Directors Unanimously Recommends Shareholders Accept Elon Musk’s Offer.

FILE - The Twitter application is seen on a digital device, Monday, April 25, 2022, in San Diego. Twitter shareholders have filed a lawsuit accusing Elon Musk of engaged in “unlawful conduct” aimed at sowing doubt about his bid to buy the social media company. The lawsuit filed late Wednesday, May 25, 2022, in the U.S. District Court for the Northern District of California claims the billionaire Tesla CEO has sought to drive down Twitter’s stock price because he wants to walk away from the deal or negotiate a substantially lower purchase price. (AP Photo/Gregory Bull, File)

There’s one word to describe the Twitter board regarding 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 Tuesday’s Securities and Exchange Commission filing. 

“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 agreement being finalized, and one was the board’s approval.  So scratch that one off the list. 

Musk also wants a resolution to his dispute 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%. 

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