Elon Musk Twitter Deal: Musk’s $44 billion deal gets Twitter shareholder nod | International Business News

Twitter shareholders approved billionaire Elon Musk‘s proposed $44-billion buyout, paving the way for a trial next month to determine the fate of the deal.
A majority of Twitter shareholders voted in favour of accepting Musk’s $54.20-a-share offer to acquire the social networking company, according to a preliminary vote count read on Tuesday. Musk made the bid in April and has since sought to rescind it. Twitter’s board – along with two prominent advisory firms – had encouraged investors to ratify the deal.
The company’s shares are trading at $41.8, well below Musk’s proposed price, and were little changed by the vote. But they had reversed course during the day to trade higher after the news emerged, a rare green in an ocean of stocks trading in the red. The shares were up 0.7% in late trades. Year to date, the Twitter stock has fallen 6%. The shareholder meeting lasted 7 minutes, with polls open for about 3 minutes. Shareholders could also submit votes for several weeks ahead of the meeting, and Twitter sent numerous messages encouraging them to vote ahead of time.
While shareholder approval was required to finalise the deal, its consummation is far from a sure thing. Musk in July said he was cancelling the agreement, claiming that Twitter misled him about the size of the company’s user base and the number of bots and spam accounts. Twitter denies those accusations, and sued Musk in a Delaware court to force him to complete the acquisition. Musk then counter-sued the company.
Lawyers for both Musk and the San Francisco-based Twitter for weeks have been fighting over witnesses, evidence and even the court date. The trial is currently set for the week of October 17 in Delaware Chancery Court.
Essentially, shareholders have consented to Twitter being acquired by the Tesla chief should the Delaware court rule to uphold the deal.
From Twitter’s perspective, the shareholder vote approving the transaction was all Musk needed to move forward with the deal. Musk disagrees, and has asked for more disclosures from the company.
Watch Tesla chief Elon Musk’s $44 billion proposed Twitter deal gets approval of shareholders

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