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BREAKING: Twitter board approves Musk's $44 billion takeover

The board wrote that the sale is "advisable and in the best interests of Twitter and its stockholders."

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Roberto Wakerell-Cruz Montreal QC
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Twitter's Board of Directors has recommended to shareholders that they move forward with the $44 billion Elon Musk takeover.

The board said that it recommendations to its shareholders that the deal be approved, a new regulatory filing released on Tuesday shows.

The board wrote that it has "determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders; and adopted and approved the merger agreement, the merger and the other transactions contemplated by the merger agreement."

The filing states that: Twitter’s Board of Directors unanimously recommends that you vote: (1) "FOR" the adoption of the merger agreement;

(2) "FOR" the compensation that will or may become payable by Twitter to its named executive officers in connection with the merger; and

(3) "FOR" the adjournment of the special meeting, from time to time, to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to adopt the merger agreement at the time of the special meeting.

The board also recommends that shareholders approve "the compensation that will or may become payable by Twitter to its named executive officers in connection with the merger" and "the adjournment of the special meeting, from time to time, to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to adopt the merger agreement at the time of the special meeting."

Twitter's share as of Tuesday is at $38.12, with Musk's offer being at $54.2 per share.

The deal has been in standstill over concerns from Musk that the platform lied about the number of bots on the site.

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