Twitter board unanimously endorses Elon Musk's £35 billion takeover bid

Twitter’s board has unanimously recommended shareholders approve Elon Musk’s £35 billion proposal to buy the company.

Mr Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees.

Currently, shares of Twitter remain far below his offering price, which signalled considerable doubt that it will happen.

On Tuesday at the Qatar Economic Forum in an interview with Bloomberg, Mr Musk listed the approval of the deal by shareholders as one of several ‘unresolved matters’ related to the Twitter deal.

That roadblock appears to have been resolved, according to a regulatory filing which revealed the board recommended to shareholders to take Musk’s deal.

Shares of Twitter were essentially flat just before the opening bell on Tuesday and far short of the 54.20 dollars per share the SpaceX and Tesla boss has offered to pay for each.

The company’s stock last reached that level on April 5 when it offered Musk a seat on the board before he had offered to buy all of Twitter.

In a filing with the US Securities and Exchange Commission on Tuesday detailing a letter to investors, Twitter’s board of directors said that it ‘unanimously recommends that you vote (for) the adoption of the merger agreement’.

If the deal were to close now, investors in the company would pocket a profit of 15.22 dollars for each share they own.

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