Twitter sets date for shareholders to vote on Musk acquisition

New York (CNN Business) — Twitter has set a date for its shareholders to vote to approve its $44 billion takeover deal by Elon Musk, despite the company’s ongoing legal battle with Tesla’s billionaire CEO over the deal.

The company sent shareholders a letter on Tuesday saying it would hold a special virtual meeting on September 13 to vote on the merger deal, according to a regulatory filing.

The announcement comes as the legal fight between Twitter and Musk over the deal heats up. Earlier this month, Musk moved to terminate his deal to buy Twitter, accusing the company of reneging on the deal by making misleading claims about the number of bot accounts on its platform and withholding information he says could help it. evaluate the problem. Days later, Twitter filed a lawsuit against the billionaire, asking a court to force him to honor the deal. A judge ruled last week that the case must go to a five-day trial in October.

Musk’s lawsuit aside, the shareholder vote is one of the few remaining official steps needed to complete the deal. Twitter’s board of directors has unanimously recommended that shareholders vote in favor of the deal. And if shareholders approve the acquisition, it could give Twitter an additional edge in its legal fight against Musk.

In the takeover deal, Musk agreed to pay $54.20 for each outstanding share of Twitter, representing a 38% premium over the stock price the day before Musk revealed in April that he had become Twitter. one of Twitter’s largest shareholders.

Twitter’s board of directors has said it is “committed to closing the merger at the price and terms agreed with Mr. Musk.”