Musk’s Twitter Deal Dodges U.S. Antitrust Review

Elon Musk’s deal to purchase Twitter for $44 billion just avoided a lengthy review period.

Yahoo! Yahoo! FinanceAccording to reports, the deal was close. It could take several months for government officials to examine the deal more closely.

“Under antitrust law, deals are reported to the U.S. government for review by either the Justice Department or the Federal Trade Commission. If either agency had filed a ‘second request’ for documents, the deal would have faced an investigation that could have lasted months,”  Yahoo! Yahoo! Finance reported.

The last month saw the New York Times reported that Twitter was prepared to “enforce” the deal if necessary. 

According to Twitter, the board said that Mr. Musk and the board had agreed on a $54.20 share transaction. The Times. We believe that this agreement is best for all shareholders. We intend to close the transaction and enforce the merger agreement.”

Twitter previously said in a press release that it was “committed to completing the transaction on the agreed price and terms as promptly as practicable.” Musk reportedly took issue with a possible misrepresentation of the amount of “bot” accounts.

NewsBusters reported that the Tesla CEO alleged that platform filings with the Securities and Exchange Commission regarding spam accounts were potentially inaccurate. He expressed his belief that the actual number of spam accounts could be “much” higher than what Twitter originally claimed.  

“20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. Musk: My offer was based upon Twitter’s SEC filings being correct. tweeted. “Yesterday, Twitter’s CEO publicly refused to show proof of <5%. This agreement cannot be moved forward unless he shows proof of 5%.

The platform had previously encouraged shareholders vote in support of the deal.

“If the merger is completed, you will be entitled to receive $54.20 in cash, without interest and subject to any applicable withholding taxes, for each share of our common stock that you own (unless you have properly exercised your appraisal rights),” Twitter told shareholders in an SEC filing. 

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