Twitter schedules vote on Musk deal for September 13th
Created: 07/27/2022, 00:03
It is unclear whether Tesla billionaire Musk will actually take over the short message service - nevertheless, Twitter shareholders should soon take part in a corresponding vote.
© Karl-Josef Hildenbrand/dpa
Actually, Elon Musk doesn't want to take over Twitter anymore, but the group doesn't make it that easy for him.
It's going to court - and the shareholders are also expected to vote on the deal soon.
San Francisco - Twitter wants its shareholders to vote on Elon Musk's takeover of the service in mid-September - although the tech billionaire has declared the deal to be terminated.
Twitter scheduled a September 13 shareholders' meeting followed by a vote, according to SEC filings.
Tesla boss Musk announced in April that he wanted to buy Twitter for around $44 billion.
Twitter initially resisted, but shortly thereafter the company's board of directors signed a takeover agreement with the tech billionaire.
Just a few weeks later, however, he declared the deal on hold and eventually backed out in early July.
Twitter is seeking a court ruling in the US state that obliges Musk to complete the acquisition at the agreed price of $54.20 per share.
That would be an attractive deal for many shareholders: the stock closed at $39.34 on Tuesday.
Musk already holds a good nine percent stake in Twitter, which he bought on the stock exchange before his takeover announcement.
A simple majority of the shares is sufficient for control of the short message service, since Twitter, unlike other tech companies, waived special shares with more voting rights for founders and management.
dpa