Twitter board urges shareholders to approve sale to Elon Musk

The Twitter logo and trading information is displayed as a trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 3, 2022.

The board of directors recommended that the shareholders vote in favor of the acquisition.

There is a proposal to adopt the original acquisition plan that will be voted on at a special meeting.

The company said in the filing that they are committed to closing the merger on the agreed upon terms. The merger is dependent on you voting at the special meeting.

The purchase price was a 38% premium to where the stock was trading before Musk disclosed his stake. It closed on Friday at $37.74 which is 30% below the deal price.

Last week, Musk said that he was ending the deal because of the lack of data on bot prominence on the platform. The merger agreement was the subject of a lawsuit by the social media company.

A lawsuit has been filed against Musk by the social media site.