San Francisco Twitter plans to have its shareholders vote on Elon Musk’s takeover of the service in mid-September – even though the tech billionaire has declared the deal cancelled. Twitter scheduled a shareholder meeting for September 13 with a subsequent vote, according to documents with the US Securities and Exchange Commission (SEC).
Tesla CEO Musk announced in April that he would buy Twitter for about $ 44 billion. Twitter initially resisted, but the company’s board of directors concluded a takeover agreement with the tech billionaire shortly afterwards. However, only a few weeks later, he declared the deal suspended and finally withdrew at the beginning of July.
Twitter wants to reach a verdict in court in the US state, which obliges Musk to complete the acquisition at the agreed price of $ 54.20 per share. That would be an attractive deal for many shareholders: the stock closed at $39.34 on Tuesday.
Musk already holds a stake of just over nine percent in Twitter, which he bought together via the stock exchange before his takeover announcement. A simple majority of the shares is enough to control the short message service, since Twitter, unlike other tech companies, dispensed with special shares with more voting rights for founders and management.
