New York (CNN Business)Twitter's committee of directors has unanimously recommended that the societal media company's shareholders ballot to o.k. its sale to Elon Musk, according to a regulatory filing connected Tuesday.
Twitter (TWTR) plans to clasp a peculiar shareholder gathering for a ballot connected the acquisition, 1 of the last steps needed to adjacent the deal, connected an undisclosed day successful the coming months.
The committee said successful the filing that it determined "none of the imaginable alternatives to the merger," including staying autarkic oregon pursuing a antithetic acquirer, were apt to beryllium amended for shareholders than the Musk deal.
The committee unanimously agreed to sell the company to Musk for $44 cardinal successful April, aft the billionaire Tesla (TSLA) CEO became Twitter's largest shareholder and hinted helium mightiness effort a hostile takeover of the company. Tuesday's filing is the latest denotation that the institution is moving up with the woody arsenic planned, contempt doubts created by Musk successful caller weeks.
Musk has suggested that helium could effort to walk distant from the deal implicit his worries astir the fig of bots and fake accounts connected the platform. Musk joined an awkward all-hands meeting with Twitter employees past week during which helium took questions and discussed his plans for the company, though helium did not explicitly reaffirm his committedness to spell done with the deal. He said successful an interview with Bloomberg connected Tuesday that determination are "a fewer unresolved matters" related to the deal, reiterating his interest astir bots.
While Musk is the richest idiosyncratic successful the world, overmuch of his wealthiness is tied up successful Tesla stock, which has fallen sharply successful caller weeks. Much of the tech sector, including societal media companies, has besides seen shares deed hard amid a broader marketplace downturn.
Twitter banal continues to commercialized good beneath the $54.20 a stock Musk offered successful April, suggesting investors stay skeptical of the woody going through, oregon being completed astatine that price.