Despite the company’s ongoing legal battle with the billionaire Tesla CEO over the deal, Twitter has set a date for its shareholders to vote on whether to approve Elon Musk’s $44 billion acquisition deal.
According to a regulatory filing, the company sent a letter to shareholders on Tuesday informing them that a virtual special meeting would be held on September 13 to vote on the merger agreement.
The announcement comes as the legal battle over the deal between Twitter (TWTR) and Musk heats up. Musk moved to terminate his agreement to buy Twitter earlier this month, accusing the company of breaching the agreement by making false statements about the number of bot accounts on its platform and withholding information that he claims could help him evaluate the issue. Days later, Twitter filed a lawsuit against the billionaire, requesting that a court order him to complete the deal. A judge ruled last week that the case should proceed to a five-day trial in October.
Aside from the Musk lawsuit, the shareholder vote is one of the few remaining official steps required to complete the transaction. Twitter’s board of directors has unanimously recommended that shareholders approve the deal. If shareholders approve the acquisition, Twitter will have more clout in its legal battle with Musk.
Musk agreed to pay $54.20 per outstanding share of Twitter in the acquisition agreement, a 38 percent premium over the stock price the day before Musk revealed in April that he had become one of Twitter’s largest shareholders.
The board of directors of Twitter has stated that it is “committed to closing the merger on the price and terms agreed upon with Mr. Musk.”
