Acquisition of Twitter by Elon Musk
Twitter’s board has accepted an offer from billionaire Elon Musk to buy the social media company and take it private. The cash deal at $54.20 per share is valued at around $44 billion, according to the press release. The transaction, which has been unanimously approved by the Twitter Board of Directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals and the satisfaction of other customary closing conditions. The deal came after Mr. Musk disclosed a large stake i.e. 9% (approx) in the company. Soon after, the company said he would join the board, however Mr. Musk reverse the plan. Then, he offered to buy the company at $54.20 per share, his “best and final.” As per Twitter’s Independent Board chair, The Twitter Board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing.
