Elon Musk grew closer to completing his takeover of Twitter on Tuesday when the company’s board unanimously recommended that shareholders approve the social platform’s sale to the billionaire.
The anticipated $44 billion deal received the full backing of the company’s board, according to a regulatory filing with the U.S. Securities and Exchange Commission.
“The Twitter Board unanimously recommends that you vote: (1) ‘FOR’ the adoption of the merger agreement,” the regulatory filing read.
Twitter shares rose approximately 2% during trading on Tuesday to $38.55, which remains far below the $54.20 per-share offering made by Mr. Musk earlier this year. Investors would profit by approximately $15 per each share of Twitter they own if the deal closed now.
— This article is based in part on wire service reports.