Twitter's board of directors, in a Securities and Exchange Commission filing, has unanimously approved Elon Musk’s acquisition
of the micro-blogging site.
In the filing on Tuesday, Twitter said: "The Twitter Board, after considering various factors described in the section of this proxy statement captioned 'The Merger— Recommendation of the Twitter Board and Reasons for the Merger," has unanimously: (1) determined that the merger agreement is advisable and the merger and the other transactions contemplated by the merger agreement are fair to, advisable and in the best interests of Twitter and its stockholders; and (2) adopted and approved the merger'."
After the board's approval, the deal is likely to close this year; with this, Twitter will become a privately-held company at $54.20 per share.
With this, the fate of Twitter CEO Parag Agrawal
will also be decided. The research firm Equilar estimates that Agrawal would get $42 million (INR 3 billion) if terminated within 12 months of the change in control.