With Elon Musk waffling on his commitment to buy Twitter for $44 billion, Twitter’s board of directors yesterday said it intends to enforce the merger agreement at the original price.
“The Board and Mr. Musk agreed to a transaction at $54.20 per share. We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement,” the Twitter board said in a statement reported by CNN and other media outlets. Twitter on Tuesday also released a preliminary proxy statement laying out reasons shareholders should approve the deal.
“Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable,” the company said in a press release announcing the proxy statement.