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Twitter to vote shareholders on Musk’s offer in September – SABC News

Twitter Inc said on Tuesday it would hold a shareholder meeting on September 13 to vote on Tesla chief Elon Musk’s proposed $44 billion takeover bid for the social media company.

The company’s plan, which was revealed in a filing, comes as the world’s richest person prepares for a legal showdown with Twitter in October for withdrawing from its offer to buy the social media company.

At the meeting, shareholders will be asked to vote on a proposal to approve the compensation that Twitter may pay to certain executive officers in connection with the acquisition, Twitter said in a filing.

Separately, the company revealed that hiring had slowed significantly in the second quarter and was more selective with filling roles, in a move to cut costs.

In May, Twitter CEO Parag Agrawal told employees that the social media company would pause most hiring and review all existing job offers.

If the buyout agreement is completed, Twitter shareholders will be entitled to receive $54.20 in cash for each common share they own, the company said, adding that its board was strongly in favor of the acquisition.

Twitter to vote shareholders on Musk’s offer in September – SABC News

Source link Twitter to vote shareholders on Musk’s offer in September – SABC News

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