Twitter Files Preliminary Proxy Statement on Musk Deal, Says Committed to Transaction
May 17 2022 - 06:45AM
Dow Jones News
By Will Feuer
Twitter Inc. said it has filed its preliminary proxy statement
with the U.S. Securities and Exchange Commission for its deal to be
bought by Elon Musk for $54.20 a share, even as Mr. Musk said
earlier Tuesday that the deal can't move forward until the company
makes more information available.
"Twitter is committed to completing the transaction on the
agreed price and terms as promptly as practicable," the company
said in a statement Tuesday.
"The preliminary proxy statement contains important information
including the background of, and reasons for, Twitter's transaction
with Mr. Musk," the company added.
The company said the deal is subject to the approval of Twitter
shareholders, among other closing conditions. The company said the
deal is expected to close this year.
Twitter's filing of its preliminary proxy statement came days
after Mr. Musk first said the acquisition was on hold over his
concerns about fake accounts on the platform. He added early
Tuesday morning that the deal can't move forward until the company
is clearer about how many of the accounts on the platform are
fake.
Shares of Twitter were more than 2% lower at $36.44 a share in
premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
May 17, 2022 06:30 ET (10:30 GMT)
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