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.
At approximately 5:30 pm on Tuesday Richmond RCMP received a call about a fatal collision involving a motorcycle and truck. Richmond RCMP Criminal Collision Investigation Team (CCIT) will have conduct of this investigation.
The report from RBC Economics estimates governments, businesses and communities would have to spend at least $60 billion annually to cut emissions by 75 per cent of current levels and reach the 2050 target of net zero.
The position presents the first challenge to the all-party board of internal economy ruling only people who are fully vaccinated will be allowed to enter the House of Commons precinct.
A statement from the health authority says the Ministry of Health has approved the transfer of operations and assets from Little Mountain Residential Care and Housing Society. The transfer includes Little Mountain Place, a 116-bed long-term care home for seniors, where 41 deaths and many more COVID-19 illnesses were reported last winter.
A pair of men fell into the river after they slipped from a rock at Golden Ears Provincial Park. A nearby group informed the 5 men that they were not able to pull the men out of the water.
Following a conversation described as "cordial and constructive" according to Trudeau's office on Tuesday, Blanchet said a parliamentary body — the Board of Internal Economy — could impose the vaccination of members.
