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.
Surrey RCMP is informing the public of three separate shootings that occurred over the weekend. While it is too early to conclusively determine a motive, all three shootings appear to be targeted, and investigators are exploring links to criminal activity and the drug trade.
A teenaged boy from South Vancouver could face criminal charges, after a woman and her dog were stabbed with a knife near the Marine Drive Canada Line Station on Friday night.
B.C. is prioritizing gasoline and diesel for essential vehicles, while working to keep fuel available for people in B.C. Under the EPA, an order restricting the purchase of vehicle fuel in certain regions of the province is in place until December 14 at midnight.
A date has been set for the government to deliver its promised apology to victims of military sexual misconduct. The Department of National Defence announced Monday that the apology will be delivered on Dec. 13 and come in the three parts.
Environment Canada is warning that up to 200 mm of rain could drench the central coast of British Columbia and parts of Vancouver Island through to Wednesday as a third atmospheric river hits the province.
Children in British Columbia between five and 11 years old can start getting shots of a pediatric COVID-19 vaccine today. Provincial health officer Dr. Bonnie Henry said last week that about 350,000 children are eligible to receive the modified dose of the Health Canada-approved Pfizer-BioNTech vaccine.
