Twitter turns the tables on Musk, will “enforce” merger
Driving the news: "The board and Mr. Musk agreed to a transaction at $54.20 per share," Twitter's board said in a statement to The New York Times. "We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement.”
- This followed an earlier statement from Twitter that said it was “committed to completing the transaction on the agreed price and terms as promptly as practicable."
Flashback: Twitter’s board urged shareholders in a regulatory filing Tuesday to vote in favor of the deal.
The big picture: Musk said last week that the $44 billion deal with Twitter was "temporarily on hold" until CEO Parag Agrawal publicly proves that less than 5% of users are bots or spam accounts.
- "My offer was based on Twitter's SEC filings being accurate," Musk said in a tweet. "Yesterday, Twitter's CEO publicly refused to show proof of <5%. This deal cannot move forward until he does."
Yes, but: Musk currently has a contractual obligation to buy Twitter at the agreed price, Axios' Felix Salmon writes.
Go deeper... The Musk-Twitter endgame