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.
The government now says there are still recipients who owe some or all of the $2,000, specifically those who were not entitled to the aid or didn't collect CERB for at least 20 weeks.
Three sources from industry and government say the message was delivered Wednesday as the other two companies competing for the $19-billion contract — U.S. defence giant Lockheed Martin and Swedish firm Saab — were told they met the government’s requirements.
The provincial government says the section of Highway 1 between Chilliwack and Abbotsford has been cleared to reopen and that will connect the Lower Mainland to Highway 3 as major road routes continue to be rebuilt from last week's floods.
The Nicola River, which runs along flood-damaged Highway 8, has changed course and left some farms underwater, Rice says. A subsequent mudslide wiped out the highway and destroyed or damaged dozens of properties in the area.
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On November 25, 2021, at approximately 12:00 p.m., Surrey RCMP responded the report of a shooting in the 2900-block of 160 Street. One man was shot in the driveway of a residence. The victim was taken to local hospital with what is believed to be non-life threatening injuries.
