Elon Musk announced that it has made an offer for buy 100% from Twitter The operation provides the remove from list of Twitter, with a shareholder compensation set at $54.20 per share The proposal will be discussed and evaluated by the Board of Directors of the company.
The OPA – acronym that stands for Takeover bid – is filed with the SEC, the authority that oversees Wall Street-listed companies.
Less than a week ago, Musk announced that he has acquired 9.2% of the company’s shares. He was offered a seat on the company’s board of directors at the time, as part of an agreement that would also have prevented him from acquiring more than 14.9% of the shares. In short, he couldn’t have gotten the majority of Twitter, at least not right away — which we now know for sure is in the plans of the Tesla founder.
I invested in Twitter because I believe it has the potential to become the go-to platform for freedom of speech worldwide. I believe that freedom of expression is a necessity for our society and for the proper functioning of any democracy. Twitter has huge potential, I want to unlock it
Elon Musk said in a statement.
The offer was presented to the Twitter board yesterday. Elon Musk added that only with Twitter’s withdrawal from the stock market will it be possible to make the changes necessary to make the company competitive. Musk also added that “he will be forced to reconsider his position as a shareholder” if his offer is rejected by the board.
With 9.2% of the shares, Elon Musk is today the largest shareholder of Twitter. The Vanguard fund follows with just over 8% of the stock.
Twitter is valued at about $37 billion, with Elon Musk’s takeover bid bringing the valuation to about $43 billion. The takeover bid was rewarded by the market: Twitter shares rose by 13% during the so-called pre-market. The news instead penalized Tesla, dropping 1.5%, perhaps fearing the operation could distract the entrepreneur and jeopardize the automaker’s performance.
Source: Lega Nerd