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.
The ire of Ottawa residents about traffic gridlock, the incessant blare of truck horns, harassment of service workers and fouling of property has sparked questions concerning the role of police in ensuring public order.
The federal government introduced legislation on Monday to continue providing as many rapid tests as possible to the provinces and territories. Health Minister Jean-Yves Duclos introduced the bill in the House of Commons on MPs' first day back after a six-week break.
Assistant Chief Ken Gemmill says crews were called to the highrise around 6 a.m., finding flames and smoke coming from a fourth-floor unit with a man still inside.
Brad West said the citizens of Port Coquitlam revere Fox and don't support anyone using his image to make political statements that Fox would not have supported.
There are currently 27,454 active cases of COVID-19 in the province, and 293,124 people who tested positive have recovered. Of the active cases, 1,048 COVID-positive individuals are currently in hospital and 138 are in intensive care. The remaining people are recovering at home in self-isolation.
A 26-year old man was attacked with a machete while sleeping inside Gastown's Colonial Hotel on Friday. The attack left the man with two partially severed fingers and knife wounds to his left knee.
