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Twitter is transferring forward with a shareholder vote on the merger with Elon Musk just a few weeks earlier than its lawsuit in opposition to Musk goes to trial. Twitter yesterday despatched a letter to shareholders inviting them to a September 13 particular assembly the place they are going to be requested to approve the merger settlement that Musk is now attempting to get out of.
“We’re dedicated to closing the merger on the value and phrases agreed upon with Mr. Musk,” Twitter CEO Parag Agrawal and Board Chairman Bret Taylor wrote. “Your vote on the particular assembly is important to our capacity to finish the merger. Twitter’s Board of Administrators unanimously recommends that you simply vote ‘FOR’ every of the proposals on the particular assembly.”
Noting {that a} five-day court docket trial is ready to start in October, the letter stated, “Adoption of the merger settlement by our stockholders is the one remaining approval or regulatory situation to finishing the merger beneath the merger settlement.” Whereas Musk despatched a “discover purporting to terminate the merger settlement,” the Twitter letter stated the corporate “believes that Mr. Musk’s purported termination is invalid and wrongful, and the merger settlement stays in impact.”
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