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Twitter to vote on Musk merger in September 13 shareholder meeting

Shareholders will vote on the merger agreement between Twitter and Elon Musk in a virtual meeting.

July 26, 2022 4:05 PM

The waters have been turbulent between Twitter and Tesla’s Elon Musk over the last few months, with the two parties currently set to face off in court over Musk attempting to back out of the $44 billion acquisition. Now, the matter is set to get even more heated as it was recently revealed that Twitter will be holding a shareholder meeting on September 13 to vote on the company’s acquisition by Musk.

The news comes courtesy of outlets including CNBC and a filing by Twitter with the Securities and Exchange commission. If you’d like to follow along with the proceedings via webcast, it's noted that the shareholder meeting will begin at 10:00 a.m. (PST) on the aforementioned date of September 13.

Image shows Elon Musk in a black tuxedo looking off to the left. — © CNBC

According to reports, Twitter’s board of directors will push for an affirmative vote during this meeting. With this, it sounds like additional pressure could be put on Musk to uphold his end of the acquisition.

“On July 8, 2022 representatives of Mr. Musk delivered a notice purporting to terminate the merger agreement. Twitter believes that Mr. Musk’s purported termination is invalid and wrongful, and the merger agreement remains in effect. On July 12, 2022, Twitter commenced litigation against Mr. Musk, Parent and Acquisition Sub to cause them to perform their obligations under the merger agreement and consummate the closing in accordance with the terms of the merger agreement,” witter’s filing to the Securities and Exchange commission reads.

“Adoption of the merger agreement by our stockholders is the only remaining approval or regulatory condition to completing the merger under the merger agreement, and is an important and required step for our stockholders to receive the merger consideration.”

All in all, it’ll be interesting to see how things go down during the September 13 shareholder meeting, and whether there will be enough votes to, as the filing puts it, “consummate the closing.” It’ll also be interesting to see how the shareholder meeting impacts the legal battle between Twitter and Musk.

For more on this, be sure to read through some of our previous coverage of the matter, including how Twitter’s lead lawyer stated that Musk was never going to take yes for an answer in regards to the merger.

Morgan Shaver

Senior Editor

Morgan is a writer from the frozen wastelands of Maine who enjoys metal music, kpop, horror, and indie games. They're also a Tetris fanatic who's fiercely competitive in games like Tetris 99... and all games in general. But mostly Tetris. You can follow Morgan on Twitter @Author_MShaver.

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Shacknews

 reply
July 26, 2022 4:05 PM

Morgan Shaver posted a new article, Twitter to vote on Musk merger in September 13 shareholder meeting
- smegula
  
   reply
  July 26, 2022 4:44 PM
  
  should throw it on twitch votes. with write in
- [deleted] 2006160933
  
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  July 26, 2022 6:39 PM
  
  [deleted]
  - evildanish
    
     reply
    July 27, 2022 9:32 AM
    
    The whole deal had always been contingent on shareholder approval. Twitter management can't just approve a sale to Musk without the approval of the actual company owners, the shareholders.
    
    This is that approval. The Twitter shareholders can vote to reject Musks offer and then that's it, no deal. Or they can vote to approve, and the lawsuits and all that will continue.
- sikander
  
   reply
  July 26, 2022 6:44 PM
  
  oooooh, I get to vote in this, nice