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.
26 windows have been broken since January 17, and investigators believe whoever is launching the projectiles is likely doing so from outside the buses.
The party's former deputy leader was elected by her colleagues to serve as interim leader after a majority of MPs ousted Erin O'Toole from the top job. Bergen faces a caucus that has spent weeks divided and angry over O'Toole's leadership since last year's election loss.
The new blockade is about 18 kilometres north of Coutts and, although numbers have decreased since Wednesday night, there was still a large presence Thursday morning with semi-trailers, heavy equipment and trucks blocking access.
Police estimate they have already spent more than $3 million to manage the protest and respond to emergencies. In comparison, the Canada 150 celebrations on Parliament Hill in 2017 cost Ottawa police about $1.5 million.
The Department of National Defence says dozens of Canadian Armed Forces members who refused to get vaccinated have now been kicked out of the military. Release proceedings have started for hundreds of others facing the same fate, unless they roll up their sleeves for the COVID-19 shot.
A 23-year-old man was arrested at the scene and police say he has been charged with murder. Jack Sepple, who lived at the address where Wadsworth died, was charged Thursday.
