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.
Meng, the tech giant's chief financial officer and daughter of the company's founder, has been under house arrest in Vancouver as she awaits possible extradition to the United States.
Premier John Horgan says his government is working to allocate funding to buy more naloxone kits, which have successfully been used to reverse opioid overdoses in thousands of people in the province.
The journalists from CTV News, Global News and the Hill Times had asked about the People's Party's endorsement by white nationalist groups, fears among racialized Canadians about what the party represents and whether it tolerates potential acts of hate by supporters on the campaign trail.
The cost estimate from the Insurance Bureau of Canada says the so-called White Rock Lake fire destroyed 78 properties in the Central Okanagan. The bureau says the fire was one of the most destructive blazes in the province this year and they are expecting more than 800 claims related to the disaster.
Burnaby RCMP would like to take this moment to remind those who are involved in ongoing demonstrations that police are an impartial party and are there to ensure the safety of everyone involved.
There are 5,697 active cases of COVID-19 in the province and 173,786 people who tested positive have recovered. Of the active cases, 330 individuals are in hospital and 148 are in intensive care. The remaining people are recovering at home in self-isolation.
