Twitter scheduled a shareholder vote on Elon Musk’s $44 billion takeover proposal, after the billionaire declared the deal’s termination. In a regulatory filing, Twitter said it would ask shareholders to vote on the arrangement at a meeting on 13 Sept 2022. Elon Musk and Twitter agreed to the $44 billion acquisition in April. Musk announced that he planned to take the social media company private. Twitter sued Musk on July 12 to force him to comply with the merger agreement. The trial will start in October, though a specific date hasn’t been set.
“We are committed to closing the merger on the price and terms agreed upon with Mr. Musk,” Twitter said in the filing. “Your vote at the special meeting is critical to our ability to complete the merger.”
The meeting is set before the trial starts in October 2022. Twitter said in the filing it is committed to completing the merger and that its board of directors has unanimously recommended that the shareholders vote in favor of it. It is expected that Twitter’s shareholders will vote in favor of the deal, which values the company at $54.20 a share.
