Twitter supports Elon Musk’s purchase agreement and recommends shareholders to vote for it

And Elon Musk decided to suspend the purchase of Twitter, which was agreed at the end of last April at about $ 44 billion, equivalent to $ 54.20 per share.

Madrid, June 21 (Europe Press) Twitter board of directors It expressed its unanimous support for the agreement reached at the end of last April to sell the company to Elon Musk For about 44 billion dollars (41 thousand 829 million euros) and recommended Company shareholders who voted in favor of the operation at the general meeting to be held for this purpose.

“The Twitter Board of Directors unanimously determined, after considering the factors described in more detail, that the merger agreement is desirable and that the merger and other transactions provided for in the merger agreement are fair, appropriate and in the best interest of Twitter and its shareholders.”

In this way, Twitter’s board of directors “unanimously” recommends a vote “in favor” of adopting the merger agreement at an extraordinary meeting to be held to refer the process to shareholder judgment for which a date has not been set. After set by the company.

This Tuesday, Elon Musk warned that there were still some “unresolved issues” regarding the potential purchase of Twitter, including an explanation from the company about the number of fake accounts and robots Who interact in the social network, in addition to issues such as debt and shareholder approval of the process.

Musk explained during an interview with Bloomberg In the framework of the Qatar Economic Forum, where he confirmed that if the purchase is realized, his intention is to “promote the product” on Twitter, although this does not necessarily mean that he becomes the CEO.

In mid-May, the billionaire decided to temporarily suspend the purchase of Twitter, which was agreed at the end of last April for about $44 billion, or $54.20 per share, pending details that the company’s account supports this fake account / spam of less than five percent of users .

Then, in a letter sent by Musk’s lawyers in early June to the US Securities Exchange (SEC), the billionaire’s legal team considered Twitter’s position a “material breach” of its obligations under the merger agreement, because of which they warned that Elon Musk “retains all The resulting rights, including his right not to complete the transaction and his right to terminate the merger agreement.”