Twitter Sets Date For Special Stockholder Vote On Sale To Unwilling Elon Musk
Twitter has set a Sept. 13 date for a special meeting of shareholders to vote on its sale to Elon Musk. It’s the month before a trial set for October in Delaware Chancery Court where the social media company hopes to force the billionaire Tesla founder to actually follow through with his $44 billion purchase agreement.
The meeting is set for 10 am PT and stockholders can vote online to greenlight the merger. The two sides struck the tortured all-cash deal on April 25. Musk lined up financing, but appeared to start waffling shortly after, demanding information on bot, or spam, accounts. In July, his attorneys informed Twitter that he was formally terminating the agreement.
Twitter sued in Chancery Court, asking for a speedy September trial. The Musk camp asked the judge to put the proceeding off until February. At a hearing last week, she tilted to Twitter’s side, agreeing with the company that delay and uncertainty would continue to damage its business.
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