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.
B.C.'s Housing Ministry says the escalating cost of housing is "concerning" and it will review the report. The B.C. government's housing plan includes cracking down on tax fraud, a vacancy tax and building tens of thousands of new homes, it says.
About 15 centimetres of snow blanketed Metro Vancouver overnight and almost double that amount was recorded at Victoria International airport as the latest storm slammed British Columbia's south coast. Airports in Vancouver and Victoria were reporting early delays and telling travellers to check with their airlines and all transit services were suspended in Greater Victoria.
Under normal conditions, the ministry uses a cable-collar system to remove snow that builds up on the cables of the Alex Fraser and Port Mann bridges so traffic can safely pass. However, high winds can increase the shedding of snow and pose a risk to the rope technicians. This prevents them from deploying the system.
There are 29,967 active cases of COVID-19 in the province, and 237,195 people who tested positive have recovered. Of the active cases, 317 individuals are in hospital and 83 are in intensive care. The remaining people are recovering at home in self-isolation.
Videos of the Dec. 30 Sunwing private charter flight shared on social media show passengers not wearing masks as they gather in close proximity, drinking alcohol and vaping in the aisle and on seats.
The federal NDP's critic for economic development has written to the heads of Canada's biggest supermarkets asking them to restore "pandemic pay," which was brought in after COVID-19 first struck and then cancelled.
