SAN FRANCISCO (dpa-AFX) – Twitter wants its shareholders to vote on the takeover of the service by Elon Musk 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 enough to control the short message service, since Twitter, unlike other tech companies, waived special shares with more voting rights for founders and management./so/DP/he