Twitter has set a date for a shareholder meeting where Elon Musk’s $44 billion takeover offer will be voted upon.

On Tuesday, the social media giant said it would hold a meeting on September 13 where shareholders will vote on the company’s proposed buyout deal by Tesla chief Elon Musk.

At the meeting, shareholders will be asked to vote on a proposal to approve how much money Twitter might have to pay certain executive officers in connection with the buyout, according to a company filing.

Separately, the company disclosed that it had significantly slowed hiring in the second quarter and was being more selective with filling roles, in a move to cut costs.

In May, Twitter’s chief executive Parag Agrawal had told employees the social media firm would pause most hiring and review all existing job offers.

The company’s plan, which was disclosed in a filing, comes as the world’s richest person prepares for a legal showdown with Twitter in October for walking away from his offer to buy the social media company. 

If the buyout deal is completed, Twitter shareholders will be entitled to receive $54.20 in cash for each common share they own, the company said, adding that its board was strongly in favour of the takeover.

In July, Musk said he was terminating his $44 billion deal to buy Twitter, citing that the company had not provided Musk with the relevant business information he had requested.

The terms of the deal also involve a $1 billion breakup fee if either Musk or Twitter don’t go through with the sale.

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