Twitter sets date for special shareholder vote for sale to Elon Musk

Twitter has set a date for September 13 for a special shareholders’ meeting to vote on whether to sell it to Elon Musk. There is a month to go before the trial scheduled for October in a Delaware court, where the social media company hopes to force the billionaire founder of Tesla to honor his $ 44 billion purchase agreement.

The meeting is scheduled for 10:00 a.m. PT and shareholders can vote on the merger online. The two sides signed a cash settlement on April 25. Musk applied for funding, but apparently started hesitating after a while, asking about bots or spam accounts. In July, his attorneys announced on Twitter that he would officially terminate the deal.

Twitter is suing the chancellery and calling for an expedited trial in September. Musk camp delayed the judge’s trial until February. In a hearing last week, he sided with Twitter, agreeing with the company that the delay and uncertainty would continue to hurt his business.

In the SEC filing, Twitter recommended that shareholders vote in favor of the merger and “compensation that Twitter will or may pay its designated executive officers” in connection with the merger. That is, if Twitter fires them for a reason other than “cause, death or disability,” executives are entitled to receive a lump sum equal to 100% of the base salary and advance share awards.

“If the merger is completed,” he noted, “you will be eligible to receive $ 54.20 in cash, gross of interest and withholding tax of any applicable tax, for each common share you own. This is a 38% premium. % of Twitter’s closing stock price on April 1, the last full day of trading before Musk disclosed his 9% stake. He originally planned to join the board, then suddenly decided to buy. company and make it private. Shortly after the deal was announced, a large market decline began to weigh on the shares. It rose recently, closing at $ 38.34 on Tuesday.