Twitter will be required to pay a termination fee of $1 billion under certain circumstances if it ends an agreement to be acquired by Elon Musk for $44 billion. Musk will face the same penalty if he breaks the deal.
Twitter Inc. will be required to pay a termination fee of $1 billion under certain circumstances if it ends an agreement to be acquired by Elon Musk for, according to a filing Tuesday. Musk will also be subjected to the same fee if he ends the deal.
The fee would have to be paid if Musk isn’t able to deliver the funding for the acquisition as promised, for example, or if Twitter were to accept a competing acquisition proposal or recommend shareholders vote against Musk’s offer, according to a filing with the U.S. Securities and Exchange Commission.in one of the biggest leveraged buyout deals in history. He has lined up financing that includes $25.
The SEC filing also includes details about changes to Twitter’s employee equity program given that the company will be private once the deal is completed. Employee stock grants will continue to vest until the deal closes, according to the filing, but any unvested stock awards will be canceled, and employees will instead have the option to be paid out in cash when those awards would have vested.
When the deal is completed, Twitter will become a privately held company, “wholly owned” by Musk. The purchase, which was unanimously approved by Twitter’s board, is expected to close this year, subject to shareholder and regulatory approval.
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