Saturday, November 26, 2022

ਵਾਹਿਗੁਰੂ

spot_img


Twitter, Elon Musk confirm plan to close $44 bn deal, shares up 22%

San Francisco, Oct 5, 2022- Twitter on Wednesday said it has received a letter from Elon Musk to go ahead with their original deal of $54.20 per share (or $44 billion). Twitter shares went up 22 per cent after the news.

In a new filing with the US Securities and Exchange Commission (SEC), Musk’s legal team has also asked the court to adjourn the trial and all other proceedings.

“We received the letter from the Musk parties which they have filed with the SEC (Securities and Exchange Commission). The intention of the Company is to close the transaction at $54.20 per share,” Twitter said in a statement.

Musk tweeted: “Buying Twitter is an accelerant to creating X, the everything app. Twitter probably accelerates X by 3 to 5 years, but I could be wrong.”

The surprising development led to the micro-blogging platform’s share jump 22 per cent after it reopened as trading of Twitter shares was briefly halted.

According to the letter sent to Twitter, “the Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close”.

In the new US SEC filing, Musk’s legal team said that “On October 3, 2022, they “sent a letter to Twitter… notifying Twitter that the Reporting Person (Musk) intends to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement.”

The team said that the offer means that the Delaware Chancery Court should “adjourn the trial and all other proceedings related thereto pending such closing or further order of the court”.

Twitter shareholders had earlier voted to approve Musk’s $44 billion takeover bid.  (Agency)

Subscribe to YesPunjab Telegram Channel & receive Important News Updates

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

spot_img

Stay Connected

45,612FansLike
114,082FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

As Airport Lounges Become More Crowded, Credit Card Issuers Have Put up Some Guidelines around Accessing the Benefit – Know Details Here

There was a time when economy-focused leisure travellers used to find it hard to get airport lounge access. Gone are those days, as now...

Guidelines for Picking Your Favourite student cover Plan

While accidents can happen at any time, children are a lot more prone to these, especially in school. Here, investing in a student cover...

The India we see now was envisioned by Nehru, brick by brick – by Sandeep Bamzai

Protected by British power, the rulers of princely states neglected their subjects; they not only collected rent, but also various illegal levies and subjected...

SPORTS

Health & Fitness

National Anti-Obesity Day: Beware of slow pandemic, caution experts

Bengaluru, Nov 26, 2022- Obesity is a slow pandemic and one must be careful especially about childhood obesity, as per experts. The national Anti-Obesity day is celebrated on November 26 every year to create awareness of dangers of obesity and prevention of the pandemic. Dr Shyam Sundar C.M.A Consultant Endocrinology and Diabetology, SPARSH Hospital states that obesity is a slow pandemic...

Gadgets & Tech

error: Content is protected !!