Twitter has announced it will hold a shareholder meeting on September 13 to vote on Elon Musk’s takeover of the company.<\/p>\n
Twitter’s plan was announced in a filing. Shareholders will vote at the meeting on a proposal to approve the compensation that Twitter will pay to certain executives in connection with the buyout.<\/p>\n
Under the proposal, Twitter shareholders will be entitled to US$54.20 in cash for each of their own common shares if the buyout deal is sealed.<\/p>\n
The deal is far from complete, however, as Elon Musk has openly expressed his decision to terminate the deal. Musk accused Twitter of violating several provisions of a US$44 billion merger agreement in April by failing to disclose enough data on spam accounts.<\/p>\n
Musk’s lawyer also accused Twitter, in a regulatory filing, of violating an agreement intended to “preserve substantially intact the material components of its current business organization” by firing two managers, laying off a chunk of its talent acquisition team, instituting a hiring freeze, withdrawing job offers and resigning three department heads.<\/p>\n
In response to Musk’s decision to terminate the deal, Twitter’s chairman, Bret Taylor said on the platform that the board planned to take legal action to enforce the merger agreement.<\/p>\n