Twitter’s board of directors gave its unanimous approval Tuesday to Elon Musk’s $44-billion acquisition of the San Francisco company.
This places Musk a big step closer to finalizing a deal that’s clearly giving him buyer’s remorse.
Musk offered more than $54 a share for Twitter. The company’s stock was trading around $38 Tuesday.
Seeing that he overbid, Musk has tried various ploys to delay the buyout, presumably in hopes that he can renegotiate the terms of the purchase.
His most recent such move has been declaring that the deal is “on hold” pending further review — a nonsense announcement unsupported by his contract with the company.
Twitter’s board, knowing it has the upper hand, not to mention the better side of the bargain, is tightening the screws on Musk with its unanimous vote.
In effect, the board is saying, “On hold? Not so much.”
In recent weeks, Musk has been insisting that he has a right to learn more about how many Twitter accounts may be fakes.
Unfortunately for him, he waived his right to due diligence in making his bid for the company.
He thus has precious little wiggle room when it comes to being shocked, shocked, by the presence of fake accounts on a social-media platform that everyone knows is riddled with bots and phonies.
Twitter’s board told shareholders in a regulatory filing that it “unanimously recommends that you vote (for) the adoption of the merger agreement.”
As of today, that means each Twitter shareholder would pocket about $15 in profit for every share owned.
For Musk, that’s the very definition of a pig in a poke.