The Board of Directors for Twitter has recommended to shareholders that they move forward with the $44 billion Elon Musk takeover.
In a new regulatory filing released on Tuesday, the board said that it recommends to its shareholders that the deal be approved.
The board wrote that it has “determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders; and adopted and approved the merger agreement, the merger and the other transactions contemplated by the merger agreement.”
The board also recommends that shareholders approve “the compensation that will or may become payable by Twitter to its named executive officers in connection with the merger” and “the adjournment of the special meeting, from time to time, to a later date or dates, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to adopt the merger agreement at the time of the special meeting.”
Twitter’s share as of Tuesday is at $38.12, with Musk’s offer being at $54.2 per share.