According to a regulatory filing, Twitter shareholders are expected to vote in September on Elon Musk’s $44 billion proposal to acquire the social network.
The company’s board of directors is unanimously recommending that shareholders vote to accept the merger agreement, adding that they will receive $54.20 in cash for every share of Twitter’s stock once the transaction is complete.
“We are committed to closing the merger on the price and terms agreed upon with Mr. Musk,” says the filing.
“Your vote at the special meeting is critical to our ability to complete the merger. Twitter’s Board of Directors unanimously recommends that you vote “FOR” each of the proposals at the special meeting.”
The filing comes as Twitter and Musk are in a legal battle due to the billionaire saying in July that he no longer wanted to purchase Twitter and take the company private.
Musk has said the deal can move forward when he get proof that only 5% of Twitter’s 229 million daily users in the first quarter were fake or spam-focused.
Twitter responded last month by allowing access to its data, encompassing roughly 500 million tweets per day.
Twitter filed a lawsuit against the billionaire, asking a court to compel him to follow through with the deal. A judge ruled last week that the case should go to trial in October.
If shareholders vote to approve the acquisition, it could offer Twitter some leverage in its legal fight against Musk to complete the deal.
