Twitter's board of directors said on Tuesday that it will close the transaction and "enforce the merger agreement" between the tech giant and Tesla CEO Elon Musk, who initiated a takeover last month.
Twitter's board said in a statement to The New York Times that "the board and Mr. Musk agreed to a transaction at $54.20 per share," and that they "believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement."
Twitter had made previous statements indicating similar sentiments, saying that they were "committed to completing the transaction on the agreed price and terms as promptly as practicable."
Twitter's commitment to ensuring the merger comes after Musk threw somewhat of a wrench in the gears of the process by asserting that he would not move forward with the deal until more detail was provided regarding the volume of bot and spam accounts, which he said was far beyond the 5 percent figure that was provided to him and was likely beyond 20 percent.
Musk also accused CEO Parag Agrawal of "publicly refus[ing] to show proof" after he tweeted that Twitter's "actual internal estimates for the last four quarters were all well under 5% – based on the methodology outlined above. The error margins on our estimates give us confidence in our public statements each quarter."
Musk's offer to buy Twitter was "based on Twitter's SEC filings being accurate," he said on Monday.
He also said that Twitter’s legal team had called him to complain that he broke his non-disclosure agreement by revealing that his sample size while looking into the percentage of Twitter bots was 100.
Twitter legal just called to complain that I violated their NDA by revealing the bot check sample size is 100!
— Elon Musk (@elonmusk) May 14, 2022
This actually happened.
"To find out, my team will do a random sample of 100 followers of @twitter," he said.
"I invite others to repeat the same process and see what they discover …"
He said he picked 100 as the sample size number "because that is what Twitter uses to calculate "5% fake/spam/duplicate."
He also posted that he's "Still committed to acquisition."
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