In a filing on Tuesday, Twitter said it was still committed to its agreement with Elon Musk and urged shareholders to vote in favor of it.
As Elon Musk continues to cast doubt on whether his acquisition of Twitter will continue, the social media company is pressing ahead. In a lengthy regulatory filing on Tuesday, Twitter’s board urged shareholders to vote in favor of the deal and provided a play-by-play look into how the board reached an agreement last month with Mr. Musk. The filing detailed the breakneck pace at which the deal came together and the frequent shifting of Mr. Musk’s whims as he moved from shareholder to board nominee to acquirer. It also showed Twitter’s continued commitment to the deal, even as Mr. Musk appeared hesitant: “This deal cannot move forward,” he tweeted early Tuesday, shortly before the filing was published.
“Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable,” Twitter said in a statement accompanying the filing. The value of Twitter’s stock could decline significantly if the deal does not move forward, Twitter said. Its shares have already fallen below their value when Mr. Musk first revealed his stake in Twitter, and they are now far below the price he is offering in his takeover bid, a signal that investors have doubts that a deal will close. Twitter’s filing revealed new details about the deal-making negotiations, including the role of Twitter’s co-founder and former chief executive, Jack Dorsey, and Twitter’s conversations with other potential acquirers.
