Twitter board to evaluate Musk's 'unsolicited, non-binding' $43B offer
Darpan News Desk IANS, 14 Apr, 2022 02:59 PM
San Francisco, April 14 (IANS) Twitter on Thursday said it will carefully review the "unsolicited, non-binding" proposal from Tesla CEO Elon Musk to acquire the micro-blogging platform for more than $43 billion.
"The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders," the micro-blogging platform said in a statement.
Earlier in the day, Musk made an offer to buy 100 per cent of Twitter at $54.20 per share, a 54 per cent premium over the closing price of Twitter on January 28, 2022, the trading day before Musk began investing in the company.
This is a 38 per cent premium over the closing price of Twitter on April 1, 2022, the trading day before Musk's investment in Twitter was publicly announced.
"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Musk said in the filing.
"However, since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."
In a letter to Twitter's board, Musk said he believes Twitter "will neither thrive nor serve societal imperative in its current form".
"If the deal doesn't work, given that I don't have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder," he added.
Earlier this week, Twitter CEO Parag Agrawal announced that Musk will not join the board of the company, saying that "he believes it is for the best".
The Indian-origin CEO last week said the micro-blogging platform has appointed Musk to its board of directors.
Musk, who acquired 9.2 per cent share in the micro-blogging platform for nearly $3 billion, is limited from buying more than 15 per cent of Twitter's stock.
Prime Minister Justin Trudeau says he's isolating because one of his kids tested positive for COVID-19. In an interview with The Canadian Press, he says he feels fine and has no symptoms.
Chief public health officer Dr. Theresa Tam says kids and adolescents are still at low risk of serious illness in general from COVID-19 but because of the high rate of infection due to Omicron more kids are being admitted to hospital.
They say in a release that the female victim was located Thursday around 4:30 p.m. in an underground parkade in the 1100-block of Austin Avenue. Police say she was rushed to hospital for treatment of stab wounds but was pronounced dead a short time later.
Teck said steelmaking coal sales for the fourth quarter came in at 5.1 million tonnes, below the 5.2 million to 5.7 million tonnes in its revised guidance it issued Dec. 5 after the record rainfall in B.C. that knocked out rail and road infrastructure.
I have been an economist, working on Bay Street in Toronto, since the early 1980s. I now lead a team that provides analysis and forecasts on numerous economic and financial indicators, such as interest rates, economic growth, unemployment, housing, exchange rates, and, of course, inflation.
Some postal service employees doing tasks with a greater risk of catching COVID-19 — for example working in a pair to unload a van inside — are being given N95 masks, but a "fit test by a qualified professional" is required before they can be worn.
