Twitter has announced that it has agreed on a deal for Tesla CEO Elon Musk to acquire the company, the company will be taken private by Musk.
Elon Musk will buy Twitter for $54.20 per share in an all-cash transaction, the total value of the deal is $44 billion.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38% premium to Twitter’s closing stock price on April 1, 2022, which was the last trading day before Mr. Musk disclosed his approximately 9% stake in Twitter.
Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Parag Agrawal, Twitter’s CEO, said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”
You can find out more details about the acquisition of Twitter by Elon Musk at the link below.
Source Press Release
Image Credit: Solen Feyissa
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