The abiding motive behind consenting to whole ownership of twitter by billionaire businessman, Elon Musk, was shareholders’ interest, the board of directors of the company has said.

Recall that the board of Directors of Twitter on Monday announced that it had entered into a concrete agreement with Musk to acquire the platform in its entirety

For $54.20 per share in cash in a transaction valued at approximately $44 billion, upon completion of the transaction, Twitter will become a privately held company.

Under the terms of agreement, stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction.

The purchase price represents a 38 per cent premium to Twitter’s closing stock price on April 1, which was the last trading day before Mr Musk disclosed his approximately 9 per cent stake in the company.

Bret Taylor, Twitter’s Independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.

“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Parag Agrawal, Twitter’s CEO, said, “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.”

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