Twitter shareholders approve Musk merger agreement2022-09-14 18:25 by Daniela
Tags: Twitter, merger, Elon Musk
On Tuesday, at a special meeting of Twitter shareholders, the company's investors voted in favor of approving Musk's takeover, which was announced in April. Twitter announced that, based on a preliminary tabulation of the stockholder vote, approximately 98.6% of the votes cast approved the proposal to adopt the merger agreement.
"Twitter stands ready and willing to complete the merger with affiliates of Mr. Musk immediately, and in any event, no later than on September 15, 2022, the second business day following the satisfaction of all conditions precedent, which is the timeline required by the merger agreement."
The vote comes as Musk seeks to scrap the deal, casting doubt on Twitter's self-reported percentage of fake accounts and alleging the company was not as forthcoming as it should have been with its explanation of the calculation. Twitter has stood by its figure of less than 5% of monetizable daily active users being spam or fake and has said it's provided Musk plenty of information meeting the requirements of the deal.
Twitter then sued the billionaire in the Delaware Court of Chancery to force him to complete the merger agreement.
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