Twitter Inc.'s Board of Directors revealed on Tuesday that it "unanimously recommends" that all shareholders vote for the completion of the acquisition of the company by Elon Musk.
In a filing submitted to the United States Securities and Exchange Commission, Twitter confirmed that stockholders will receive $54.20 in cash for each share they own when the deal materializes. The social media firm did not specify the exact date of the shareholders' meeting when they will vote to approve the deal or not.
Twitter also confirmed that both the company and Musk agreed to pay the other party either a termination fee or a reverse termination fee of $1 billion, depending on circumstances under which the deal could potentially be canceled.
