Regulators Missed Window To Block Musk’s Twitter Takeover
The 30-day waiting period, in which the FTC can block Elon Musk’s proposed A$62 billion Twitter takeover, has officially ended, according to the social media company.
The window allows federal antitrust regulators time to scrutinise and block deals such as this one, however this period lapsed on Friday.
Twitter is still forging ahead with the deal, despite Elon Musk publicly declaring the deal was on hold until the company can provide data proving its estimates regarding spam accounts.
He added that it was “not out of the question” for the price to be renegotiated, and he is “still committed to acquisition.”
Twitter have said it will enforce the purchase at the original US$44 billion price.
“The Board and Mr. Musk agreed to a transaction at $54.20 per share,” the Twitter board said in a statement.
“We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement.
“Twitter is committed to completing the transaction on the agreed price and terms as promptly as practicable.”
The deal still has to go to Twitter shareholders for a vote.