The Twitter board wants its $44 billion acquisition of Elon Musk to be completed, which is why it's asking its shareholders to approve the deal, according to a new regulatory filing.
The board on Tuesday The document filed with the Securities and Exchange Commission said that it "unanimously recommends that you vote (for) to adopt the merger agreement."
The company board unanimously recommended shareholders "to their designated executive officers in connection with the merger or may be payable by Twitter" and "adjournment of the special meeting, from time to time, to a later date to approve compensation" or dates, if necessary or appropriate, for soliciting additional proxies, if there are insufficient votes to adopt the merger agreement at the time of the special meeting."
At the time of writing, Twitter share price is approximately $38.12 -- far less than Musk offering price of $54.20 per share. Notably, the company market cap has dropped below $30 billion. So the $44 billion deal is really beneficial to all the existing shareholders.
The deal still hangs in the balance over the issue of the number of bots on the platform. Earlier this month, Twitter gave Musk access to his full "firehose" — a stream of tweets with no restrictions — to check the percentage of bots on the social network.
Earlier on Tuesday, speaking at the Qatar Economic Forum, Musk said there were still "unresolved matters" regarding the deal.
"The question is whether the debt portion of the round will come together and then the shareholders will vote in favor," he said.
The Tesla CEO said he doesn't want to lead Twitter, but wants to focus on "running the product." It echoes a similar sentiment to his statements at an all-hands meeting on Twitter last week