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 Supreme Court of Canada has agreed to hear a case that hinges on the time police took to arrange a breath test for a Quebec man. Asked if he had been drinking, Breault said he'd had one beer, but insisted he had not been driving the vehicle, contradicting trail patrollers who had contacted the police.
Members of Citizens Supportive of Crowsnest Coal have been writing letters to Premier Jason Kenney and Energy Minister Sonya Savage that suggest the panel's report is likely to be skewed and one-sided.
Statistics Canada says about 84 per cent of completed census questionnaires were filled out online. The agency beat its goal to of having 80 per cent of census questionnaires completed online — an option made available for the first time to all regions of the country.
Canada and Mexico both are worried that the tax credit proposal, which if implemented as it stands would be worth up to $12,500 to a new car buyer, is too heavily geared toward U.S.-made vehicles.
The mayor of a city heavily impacted by flooding in southern British Columbia says farmers who stayed with their animals desperately need water for livestock. Henry Braun said Thursday that water levels in Abbotsford continue to fluctuate in the Sumas Prairie area two days after an evacuation order was issued.
A late-night evacuation passenger train carrying about 200 people stranded for days by British Columbia's mudslides and floods left Hope for Vancouver Wednesday. Jonathan Abecassis, a spokesman for Canadian National, said the emergency evacuation train was expected to arrive in Vancouver shortly after 10 p.m.
