Twitter Board Of Directors has in one voice recommended to the shareholders t vote in favor of Elon Musk Takeover Deal. This was confirmed when the board in a SEC filing on Tuesday recommended the adoption of merger agreement.
The latest development has also led to speculation about the future of present Twitter CEO , Parag Agrawal.
The Merger Will Cater To The Interest Of Twitter
Elon Musk, the owner of Tesla had earlier expressed doubts about the actual number of subscriber’s of the social media behemoth. . However the deal is finally on the table and it will be a giant stride. The board of directors has unanimously approved the merger and has also urged the stockholders to approve the merger.
If the acquisition goes on as schedule every shareholder will receive $54.20 as per the board of directors statement which said,
“If the merger is completed, you will be entitled to receive $54.20 in cash, without interest and subject to any applicable withholding taxes, for each share of our common stock that you own.”
Will CEO Parag Agrawal Go?
As per rumors Parag Agrawal is on his way out but the modalities and procedure will be clear once the roadmap of the Twitter’s takeover is clear. If Parag Agarwal is removed after the deal is finalized he will get a compensation of $42 million.
The Twitter CEO has joined last November and has hardly completed one year when the present developments started. However there are many variables which will come into play and Musk’s financial requirements could also have an impact on the timeline before the takeover.So all eyes are now on Elon Musk