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.
A 55-year-old cab driver was injured and traumatized Friday night after a passenger allegedly assaulted him with a weapon, threatened him, and forced him to drive from Richmond to Downtown Vancouver. The cabbie was allegedly ordered to drive through red lights and veer into oncoming traffic by the passenger, who appeared paranoid and thought people were following him.
On Sunday evening, Jan 9, 2022 just before 6:00 p.m., Surrey RCMP was called to a residence in the 13500-block of 84Avenue for a report of deceased person located. Upon attendance, an adult male victim was found inside the residence and confirmed to be deceased.
The survey by the Canadian Hub for Applied and Social Research at the University of Saskatchewan was done by phone between Dec. 1 and Dec. 24. It asked 1,000 people about equality, diversity and inclusion in workplaces and government.
Health experts and government critics are calling on the prime minister and premiers to fix cracks in Canada's health system and improve surge capacity as the COVID-19 pandemic continues.
BC Hydro says service was restored to the northwestern Vancouver Island villages of Tahsis and Zeballos late Sunday after more than 700 customers lost heat and electricity last Tuesday.
The program is expected to disburse scholarships worth an average of $25,000 to 176 students — the same as the number of people who were aboard Ukraine International Airlines Flight 752 when it was hit by two missiles launched by Iran's Revolutionary Guard on Jan. 8, 2020.
