The planned takeover of Twitter by Tesla CEO Elon Musk could take longer than planned. That’s because Musk may be an “interested shareholder.”
Musk already had a stake in Twitter when he signed an agreement with other major shareholders such as Twitter founder Jack Dorsey and the investment bank Morgan Stanley.
Under a law in the US state of Delaware, where Twitter is tax-registered, the acquisition must be delayed by three years, or the acquisition must receive the support of at least two-thirds of the voting shareholders who were independent of Musk.
The Orlando Police Pension Fund now wants to know if Musk is indeed covered by the rule and has gone to the judge stepped.
Shareholders still need to approve the takeover.
Source: Nieuws – Emerce by www.emerce.nl.
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