BREAKING: Elon Musk and Twitter have come to a definitive agreement for the famed entrepreneur to take control of the company.
Reportedly, Musk will purchase the company for $54.20 per share in a deal valued at $44 billion.
According to The Daily Wire, the deal was unanimously approved by Twitter’s board and is expected to be finalized this year, subject to the approval of Twitter’s shareholders and other regulatory approvals.
Twitter reported: “Under the terms of the agreement, Twitter stockholders will receive $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 Musk disclosed his approximately 9% stake in Twitter.”
Elon’s offer was originally rejected by Twitter’s board, and executives were forced to reconsider the offer when it was revealed that Musk secured $25.5 billion in funding in addition to his $21 billion equity commitment.
The Daily Wire also reported that Twitter’s Independent Board Chair, Bret Taylor, 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.”
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