The Twitter Board “unanimously” recommended shareholders vote to approve billionaire Elon Musk’s takeover of the company.
The company said in a Securities and Exchange Commission filing on Tuesday, “Twitter’s Board of Directors, after considering the factors more fully described in the enclosed proxy statement, unanimously: (1) 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.”
It continues, “And (2) adopted and approved the merger agreement, the merger and the other transactions contemplated by the merger agreement.”
Musk is seeking to take over the company for $44 billion.
Still, while speaking at an event hosted by Bloomberg on Tuesday, Musk said there were a number of “unresolved matters” that will need to be resolved before he can move ahead.
One of the issues he said was fake accounts.
“We’re still awaiting a resolution on that matter, and that is a very significant matter,” Musk explained.
Another issue is the portion of debt required to finance the transaction.
Finally, Musk’s final obstacle is approval from the company’s shareholders.
“Will the debt portion of the round come together? And then will the shareholders vote in favor?” Musk said.