Twitter Inc. said on Tuesday that a shareholder meeting would be held on September 13 to vote on Elon Musk’s proposed $44 billion takeover bid of the social media business.
The corporation’s plan, which was made public in a filing, comes as the richest man in the world prepares for a legal battle with Twitter over the latter’s decision to reject his offer to buy it in October.
Twitter stated in a filing that shareholders will be asked to decide on a proposal to approve the compensation that Twitter might pay to specific executive officers in connection with the purchase at the meeting.
Separately, the business revealed that, in an effort to save expenses, recruiting had been drastically reduced in the second quarter and that it was now being more careful when filling positions.
If the buyout agreement is successful, Twitter says owners will be entitled to $54.20 in cash for each common share they possess. The business added that the transaction had the board’s full backing.