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Twitter Lets Shareholders Vote on Musk Deal on September 15​

After the failed takeover
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Twitter lets shareholders vote on Musk deal in September

Now the shareholders are in demand: Although Elon Musk no longer wants to buy the short message service, the shareholders should vote. The appointment is scheduled for September 13th.

In the dispute between the short message service Twitter and Tesla founder Elon Musk, it is now the turn of the shareholders: Twitter wants the shareholders to vote on 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 CEO Musk announced in April Paid Content Wanting to buy Twitter for around $44 billion. The company initially resisted, but shortly thereafter the company’s board of directors signed an acquisition 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.

Click here for the photo gallery: This is Elon Musk

(juju/dpa)

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