Big Law
Twitter Shareholders Approve $44B Deal with Tesla CEO Elon Musk
Almost all of Twitter’s shareholders have voted to approve the social media giant’s deal with Tesla CEO Elon Musk, who had agreed to buy it for $44 billion but has since tried to back out.
About 98.6% of stockholders approved the buyout, priced at $54.20 per share. That was higher than Twitter’s near-$50 share price when the deal was struck, and nearly 30% above its $41.90 per share value as markets opened on Thursday.
“The shareholder approval satisfies the final condition precedent to the closing of the merger under the merger agreement.” Twitter said. The social media company said it is ready to complete the deal “immediately” and no later than Thursday, per the requirements of the agreement.
