Twitter to Hold Shareholder Vote on Musk Takeover of Company on September 13

WASHINGTON (Sputnik) - Twitter will hold a shareholder vote on Tesla CEO Elon Musk's acquisition deal of the company on September 13, the company revealed in a filing with the US Securities and Exchange Commission.

Musk and Twitter announced the $44 billion purchase agreement in April, which the social media giant approved in June, only to have the entrepreneur cancel his offer in early July. Twitter sued Musk to compel the entrepreneur to follow through on his purchase, a dispute that will be settled in court in October.

"The special meeting will be held on September 13, 2022, at 10:00 am, Pacific time," Twitter said in a notice to shareholders on Tuesday. "At the special meeting, you will be asked to consider and vote on a proposal to adopt the Agreement and Plan of Merger."

Twitter said in the filing that it is committed to closing the merger deal on the price and terms that Musk agreed to and the vote on September 13 will be critical to completing the process.

Twitter's Board of Directors recommends that all shareholders approve each of the proposals at the meeting, the filing said.

Twitter launched the lawsuit against Musk in response to his attempts to cancel the $44 billion purchase of the social media company over concerns about the number of bot accounts on the platform.