Twitter’s board unanimously recommended Tuesday that shareholders approve billionaire Elon Musk’s offer to buy the social media site for $44 billion.
Musk told Twitter employees earlier in June that he still planned to move forward with the purchase, despite shares in the company remaining significantly lower than his offer price, The Associated Press reported. He noted on Tuesday that approval of the purchase by shareholders was one of a number of unresolved matters halting his purchase, the outlet continued.
The Tesla billionaire’s offer would net a profit of $15.22 per share for investors if it closed now, the AP noted. Musk offered to pay $54.20 per share, despite them falling short of this number upon opening bell Tuesday, the outlet reported.
Twitter’s board of directors said in a filing with the US Securities and Exchange Commission that it “unanimously recommends that you vote (for) the adoption of the merger agreement.”
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