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 Canadian Armed Forces has been called in to help with recovery efforts in flood-stricken B.C., with the provincial government declaring a state of emergency. The military will provide both air and land support for critical provincial supply chains and in evacuation and rescue efforts.
Repairing the British Columbia highways washed out by heavy rains and flooding will be complicated by the scale of the damage, the terrain and the coming winter, building experts say.
Starting Nov. 22, those wishing to access buildings in the parliamentary precinct, including elected members, will need to be fully vaccinated against the novel coronavirus.
The medical association is also calling on social media companies to address harassment and threats made on platforms such as Facebook, Twitter and YouTube.
Nicholas Schiavo of the advocacy group No Conversion Canada says he has spoken with the federal government about the new bill, and that it will "leave less room for loopholes."
The cause of the blaze and extent of damage to the vessel wasn’t immediately clear, though the Canadian Joint Operations Command reported there were no injuries. The ship is docked in the Norwegian city of Trondheim for repairs.
