The pulse pressure between Twitter Inc. Y Elon Musk seems to fall on the tycoon’s side. The company’s shareholders overwhelmingly approved the purchase of the company for $44 billiona few days before the trial that will take place on October 17 and will determine what will happen with the agreement.
A majority of shareholders voted to accept Musk’s offer of $54.20 per share to acquire the social media company, according to a preliminary vote tally read Tuesday, Sept. 13, and cited in a Bloomberg report.
After making the proposal in April, the CEO of SpaceX and Tesla has tried to rescind it. Musk said in July that he would cancel the deal, claiming that Twitter misled him about the size of the company’s user base and the number of bots and spam accounts.
For its part, Twitter denied those allegations and sued Elon Musk in a Delaware court to force him to complete the acquisition.. Musk then countersued the company.
Shareholder Voting Details
The company’s shares were little changed after the vote and closed at $41.74well below the price proposed by Elon Musk, another asterisk in the legal battle.
The special meeting of shareholders called lasted seven minutes, with the polls open for about three. Twitter said that 98.6 percent of the votes cast were in favor of the deal.
As expected, Elon Musk, Twitter’s largest shareholder, did not vote, according to two people familiar with his decision. Before trying to buy the company, owned almost 10% of the shares, more than 73 million.
Lawyers for Musk and San Francisco-based Twitter have been fighting for weeks over witnesses, evidence and even a court date. From the company’s perspective, the shareholder vote approving the transaction was all Musk needed to move forward with the deal.