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.
More provinces say they are preparing to loosen COVID-19 restrictions in the coming weeks, even as virus-related hospitalizations remain high. British Columbia's provincial health officer, Dr. Bonnie Henry, said gathering restrictions will begin to slowly be eased later this month.
Evidence suggest that a person or persons associated to the previous owners may have been the intended target. The investigation is ongoing and police are working to identify the suspect(s). This shooting is believed to be targeted however not linked to lower mainland gang conflict.
Erin O'Toole has lost a vote to remain leader of the Conservative Party of Canada. The party's members of Parliament met virtually today to cast secret ballots after about one-third of them signed a notice that triggered a leadership review.
Nova Scotia's celebrity groundhog, Shubenacadie Sam, and Quebec's Fred la Marmotte both predicted a long, cold winter ahead, while Ontario's Wiarton Willie claimed an early spring is on the way.
A dozen of these travellers have been cleared to board an aircraft as a direct result of having the personal code since the program began in November 2020, says Public Safety Canada.
Raising the international vaccination rate in less prosperous countries is the only way to prevent the emergence of new COVID-19 variants that are prolonging the pandemic through an endless cycle of lockdowns and serious illness, said Dr. Katharine Smart, the president of the leading association of Canadian medical professionals.
