- Twitter shareholders will vote on September 13 on whether to approve the $44 billion acquisition of the company by Tesla.
- The company is in a legal dispute with the CEO of Tesla, Elon Musk, over the deal.
- The case will be tried for five days in October, a judge’s decision from last week.
Despite the company’s ongoing legal dispute with the multibillionaire CEO of Tesla over the deal, Elon Musk, Twitter has set a date for its shareholders to vote on whether to approve the $44 billion acquisition.
According to a regulatory filing, the business informed shareholders in a letter delivered on Tuesday that a virtual special meeting will be held on September 13 to vote on the merger deal.
The announcement comes as Twitter (TWTR) and Musk’s legal battle against the acquisition heats up.
Earlier this month, Musk tried to cancel his agreement to purchase Twitter, alleging that the firm had broken the terms of the agreement by making false assertions about the number of bot accounts using its network and withholding information that would have allowed him to assess the problem.
Days later, Twitter sued the businessman, requesting that the judge order him to carry out the agreement. The case will be tried for five days in October, according to a judge’s decision from last week.
Aside from the Musk lawsuit, one of the few remaining formal processes required to complete the purchase is the shareholder vote.
The board of Twitter has unanimously advised shareholders to approve the deal. Additionally, if shareholders approve the deal, Twitter may have more negotiating power in its legal battle with Musk.
A 38 percent premium above the stock price the day before Musk declared in April that he had become one of Twitter’s largest shareholders was stipulated in the acquisition deal, which stipulated that Musk would pay $54.20 for each share of Twitter that was still in circulation.
According to a statement from the board of Twitter, the company is “committed to finalizing the merger on the price and terms agreed upon with Mr. Musk.”
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