Twitter, Inc. highlights that they have entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.
On April 14, Musk announced an offer to buy the social media platform for $54.20 per share.
Musk in recent weeks has voiced a number of proposed changes for the company.
Twitter’s board of directors undertook a thoughtful and comprehensive process to evaluate Musk’s proposal.
After the strong controversy and news that has been generated after Elon Musk announced that he was interested in buying Twitter, it has taken another outcome this Monday, April 25 when it was officially announced that the South African billionaire bought the majority of the shares of the famous social network.
The information published by Twitter, Inc. highlights that they have signed a definitive agreement to be acquired by a Wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. After the transaction is complete, Twitter will become a private company.
Also under the terms of the social network deal, shareholders will receive $54.20 in cash for each share of Twitter they own, matching Musk’s original offer and marking a 38 percent premium to the share price on the day. before Musk revealed his involvement in the company.
“Twitter’s board of directors undertook a thoughtful and comprehensive process to evaluate Elon’s proposal with a deliberate focus on value, certainty and funding,” Twitter Independent Board Chairman Bret Taylor said in a statement. statement, calling the deal “the best way forward for Twitter shareholders.”
Recall that on April 14, Musk announced an offer to buy the social media platform for $54.20 per share, or about $43 billion, but did not say at the time how it would finance the acquisition.
That first Musk announcement that he is the richest person in the world, according to Forbes, with a fortune of almost 279,000 million dollars, Twitter decided to use a strategy called “poison pill” to block hostile acquirers and prevent the South African from taking over the company’s shares.
Like Musk in recent weeks, he has voiced a series of proposed changes to the company, ranging from relaxing its content restrictions, such as the rules that suspended the former president’s account Donald Trump, until ridding the platform of its problems with fake and automated accounts.
“Twitter, a digital public square where vital issues for the future of humanity are debated, among its plans is that the social network improves with new functions, open source algorithms, combating spam bots and authenticating all humans, to unlock the huge potential of the platform,” Musk said in past comments.
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