Musk reiterated his desire to make the acquisition last week during a virtual meeting with Twitter employees, although Twitter shares remain well below its bid price, signaling significant doubt that it will happen.
Shares rose about 3 percent to $ 38.98 before opening Tuesday, well below the $ 54.20 per share Musk has offered for each share. The company’s stock last reached this level on April 5, when it offered Musk a seat on the board before offering to buy all of Twitter.
In a statement to the U.S. Securities and Exchange Commission detailing a garbage to investors on Tuesday, Twitter’s board said it “strongly recommends that you vote (for) the approval of the merger agreement.” If the deal closed now, the company’s investors would make a profit of $ 15.22 on each share they hold.
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