Twitter has one more task before Musk trial: Get shareholder approval
Enlarge (credit: Getty Images | Grace Cary)
Twitter is moving ahead with a shareholder vote on the merger with Elon Musk a few weeks before its lawsuit against Musk goes to trial. Twitter yesterday sent a letter to shareholders inviting them to a September 13 special meeting where they will be asked to approve the merger agreement that Musk is now trying to get out of.
"We are committed to closing the merger on the price and terms agreed upon with Mr. Musk," Twitter CEO Parag Agrawal and Board Chairman Bret Taylor wrote. "Your vote at the special meeting is critical to our ability to complete the merger. Twitter's Board of Directors unanimously recommends that you vote 'FOR' each of the proposals at the special meeting."
Noting that a five-day court trial is set to begin in October, the letter said, "Adoption of the merger agreement by our stockholders is the only remaining approval or regulatory condition to completing the merger under the merger agreement." While Musk sent a "notice purporting to terminate the merger agreement," the Twitter letter said the company "believes that Mr. Musk's purported termination is invalid and wrongful, and the merger agreement remains in effect."