Twitter’s board told shareholders on Friday that their vote to approve the $44 billion sale of the company to Elon Musk was the final step in satisfying the merger agreement, CNBC reported.
“The passage of the merger agreement by our shareholders is the only remaining approval or regulatory condition for the completion of the merger under the merger agreement and is an important and necessary step for our shareholders to obtain consideration for the merger,” Twitter said in its latest proxy filing with the SEC.
Twitter is inviting shareholders to an unscheduled special meeting to vote on a proposal to pass the original acquisition plan at the end of April. In addition to requiring shareholder approval, the closing of the deal is contingent on “ongoing litigation,” the company said.
The updated filing provides a brief recap of the legal battle between Musk and Twitter over the past week. On July 8, Musk said he was terminating the deal after claiming that Twitter had failed to provide requested data about the bots and their prominence on the platform. Days later, Twitter responded by suing Musk in an effort to enforce the merger agreement.
Shares of Twitter have fallen sharply in recent weeks since Musk began saying he had no commitment to the deal. Twitter shares closed at $37.74 on Friday, 30% below the agreed trading price of $54.20.
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