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.
Surrey RCMP is updating the public that the 40-year old man reported missing August 31, 2021, was located deceased. On September 5, 2021, the missing male was located deceased. Criminality does not appear to be a factor in his death and the investigation has been turned over to BC Coroners Service.
Emergency Management BC says residents of another 3,900 properties that were on evacuation alert, meaning they should be ready to leave on short notice, decreased by about 2,150 on Wednesday night from the day before.
Ugester Prashad, 52, of Brampton, has been charged with two counts of Invitation to Sexual Touching and he is scheduled to appear in court at 2201 Finch Avenue West on Friday, October 22, 2021 at 2 p.m.
On September 2nd, 2021 at 2:55 am, Surrey RCMP received reports of a 2 vehicle collision involving a semi truck towing a fuel trailer that occurred on Highway 17 between the 104th Avenue and 108th Avenue exits. Upon arrival Surrey RCMP and Surrey FIRE located a driver with serious life threatening injuries.
The chamber says Canada is missing a "major opportunity" to be a world power in producing the minerals and rare-earth elements that power everything from cellphones to electric cars.
Only four leaders — the Liberals' Justin Trudeau, the Conservatives' Erin O'Toole, the Bloc Québécois' Yves-Francois Blanchet and the NDP's Jagmeet Singh — will take part.
