Posted on 04/25/2022 1:00:49 PM PDT by Red Badger
* Twitter’s board accepted billionaire Elon Musk’s offer to buy the social media company and take it private, the company confirmed.
* The announcement ends a weeks-long saga Musk kicked off when he offered to buy the company at $54.20 per share, his “best and final.”
* Twitter’s board sought to fend off a hostile takeover by adopting a so-called poison pill.
In this article
TWTR +2.83 (+5.77%)
WATCH NOW VIDEO03:05
Board approves Twitter sale to Elon Musk for approx. $44B Twitter’s board has accepted an offer from billionaire Elon Musk to buy the social media company and take it private, the company announced Monday.
The stock was halted for the news but was up more than 6% once it resumed trading.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement included in the press release announcing the $44 billion deal. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Here’s the full announcement from Twitter:
“Twitter, Inc. (NYSE: TWTR) today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Parag Agrawal, Twitter’s CEO, said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” said Mr. Musk. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Transaction Terms and Financing
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.
Mr. Musk has secured $25.5 billion of fully committed debt and margin loan financing and is providing an approximately $21.0 billion equity commitment. There are no financing conditions to the closing of the transaction.
For further information regarding all terms and conditions contained in the definitive transaction agreement, please see Twitter’s Current Report on Form 8-K, which will be filed in connection with the transaction.
First Quarter 2022 Earnings Results
Twitter plans to release its first quarter fiscal year 2022 results before market open on April 28, 2022. In light of the pending transaction announced today, Twitter will not hold a corresponding conference call.
Advisors
Goldman Sachs & Co. LLC, J.P. Morgan, and Allen & Co. are serving as financial advisors to Twitter, and Wilson Sonsini Goodrich & Rosati, Professional Corporation and Simpson Thacher & Bartlett LLP are serving as legal counsel. Morgan Stanley is acting as lead financial advisor to Mr. Musk. BofA Securities and Barclays are also acting as financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.”
This story is developing. Check back for updates.
Lol. That’ll really get them.
Truth Social is only available on Apple products. Apple can remove the app from the device at any time.
Dumb move.
Don’t get my hopes up, man.
;D
this tweet from benny johnson about what is happening at headquarters is pretty funny
https://twitter.com/bennyjohnson/status/1518577468810084352
If it galls the libs, it’s fine by me.
;D
Three scoops?!? You think you’re better than Trump! :)
Mia Farrow
@MiaFarrow
Replying to
@elonmusk
Well if Twitter becomes even more toxic- with Trumpy-treasonous lies & all the hatred- it will be taken less seriously, and people like me will quit- for peace of mind.
Gates. Is. Evil.
Good for you. I’ve never been on Twitter but now I’m going to check it out.
That is temporary ... it is a work in progress ...
“Dude, do you know how to shred an algorithm?”
I doubt that. Brake pads work because of hydraulic pressure; brake fluid is a necessity. Same is true of other hydraulic assist mechanisms like power steering.
Having said that, I agree that brake wear is negligible, but happens depending on the way the driver operates the EV. I own an EV, I like the torque to speed up but do use the brakes when doing panic stops. My dealer service visits run me about $38, basically for tire rotation and fluid checks; a big reduction from the hundreds of dollars spent for my ICE vehicle checks.
Will Dems sabotage twitter??
And build new stuff himself rather than wait for someone else to do it. Ahead of his time.
From Twitter
Steve White
@stevewhite
It would be the greatest troll in history if Elon Musk purchased twitter dot com and just turned the f*****g thing off.
Lol That IS funny. Thanks.
Similar to election night 2016.
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