Twitter’s board has recommended that shareholders approve the $44 billion sale of the company to billionaire businessman Elon Musk, the latest regulatory filing has shown.
The proposed deal is fair and it is in the best interests of Twitter and its stockholders, a US Securities and Exchange Commission filing said on Tuesday.
Twitter’s board of directors “unanimously 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”, the filing said.
“Twitter’s board of directors unanimously recommends that you vote for the adoption of the merger agreement … [and] for the compensation that will or may become payable by Twitter to its named executive officers in connection with the merger.”
They also recommended 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”.
Mr Musk, who announced the $44bn offer to acquire Twitter in April, confirmed during a meeting with Twitter staff last week that he wants to have at least one billion people on the platform, up from the 229 million users at present. However, there was little clarity on how the deal to buy the social media platform was progressing.
The microblogging site's share price is down more than 10 per cent since the start of this year.
It was trading at $38.5 a share, up almost 1.9 per cent, at 9.45pm UAE time on Tuesday.
While the deal to buy Twitter is supposed to be finalised by the end of this year, Mr Musk said last month it had been temporarily put on hold pending details on the number of fake accounts on the site.
The chief executive of the world’s biggest electric vehicle maker, Tesla, entered into a public spat with Twitter chief executive Parag Agrawal over the company's estimates of spam accounts and said the deal could not move forward unless the company provided proof that less than 5 per cent of its users were fake.
If Mr Musk decides to abandon the agreement, he would have to pay the social media company a $1bn break-up fee.
On Tuesday, Mr Musk told the Qatar Economic Forum via video conference that the deal to buy Twitter continues to face “unresolved matters”.
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Napoleon
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Liverpool 4-1 Shrewsbury
Liverpool
Gordon (34'), Fabinho (44' pen, 90' 3), Firmino (78')
Shrewsbury
Udoh (27'minutes)
Man of the Match: Kaide Gordon (Liverpool)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
