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.
On December 21, 2021 at 4:26 am, Surrey RCMP responded to a report of a vehicle smashing the front door of a business with a truck in the area of 15700 block of Croydon Drive. The suspect/(s) gained access to the store and stole approximately $5,000 in merchandise before fleeing the scene in the truck.
On December 13, 2021, 70-year-old Sant Mangat of Surrey, BC was officially charged with, one count of telecommunicate to lure a child under 16, and one count of possessing child pornography.
British Columbia closing bars, nightclubs and gyms amid climbing Omicron cases. The measures come into effect at 11:59 pm on December 22 and last until January 18. No indoor organized gatherings of any size will be allowed including weddings, receptions, holiday parties and other events under new restrictions.
There are 5,435 active cases of COVID-19 in the province, and 220,348 people who tested positive have recovered. Of the active cases, 185 individuals are in hospital and 77 are in intensive care. The remaining people are recovering at home in self-isolation.
As the rise of the Omicron variant upends Canada's COVID-19 response, experts say medical mask mandates should not only be abolished, but wearing respirators should become the norm.
NSD Canada is bringing back a requirement for everyone entering the country to have a pre-arrival negative molecular test result for COVID-19, even if travellers are returning after being away for under 72 hours.
