Twitter Urges Shareholders to Approve Musk Sale in Revised Power of Attorney

The Twitter logo and trading information is displayed as a trader works on the floor of the New York Stock Exchange (NYSE) in New York, USA on May 3, 2022.

Brendan McDermid | Reuters

Twitter The Board of Directors told shareholders on Friday that their vote to approve the $44 billion sale to Elon Musk is the latest step towards satisfying the merger agreement.

“Acceptance of the merger agreement by our shareholders is the only remaining approval or regulatory condition for the completion of the merger under the merger agreement, and an important and mandatory step for our shareholders to receive merger consideration,” Twitter said in an updated post. proxy feed with SPK.

Twitter is inviting shareholders to attend a special meeting on an unspecified date to vote on a proposal to accept the original acquisition plan from the end of April.

The company said that in addition to requiring shareholder approval, closing the deal is subject to “ongoing litigation.”

The updated document provides a brief history of the legal battle between Musk and Twitter over the past week. On July 8, Musk said he was terminating the deal, stating that Twitter did not provide requested data about the bots and how visible they are on the platform. A few days later, Twitter responded: sue Musk in an attempt to enforce the merger agreement.

Twitter shares have plummeted in recent weeks after Musk began to indicate that he did not agree with the agreement. Shares closed Friday at $37.74, 30% below the agreed-upon deal price of $54.20.

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