Twitter Inc said on Tuesday it would hold a shareholder meeting on September 13 to vote on the social media company’s proposed $44 billion takeover offer by Tesla chief Elon Musk. Also Read - Twitter says not planning to fire many employees but restructuring underway
The company’s plan, which was disclosed in a filing, comes as the world’s richest person prepares for a legal showdown with Twitter in October for walking away from his offer to buy the social media company. Also Read - Twitter may have better chances at winning against Elon Musk in latest deal fallout
At the meeting, shareholders will be asked to vote on a proposal to approve the compensation that may be payable by Twitter to certain executive officers in connection with the buyout, Twitter said in a filing. Also Read - Elon Musk pulls out of $44 billion deal to buy Twitter, now company board plans to sue him
Separately, the company disclosed that it had significantly slowed hiring in the second quarter and was being more selective with filling roles, in a move to cut costs.
In May, Twitter’s chief executive Parag Agrawal had told employees the social media firm would pause most hiring and review all existing job offers.
If the buyout deal is completed, Twitter shareholders will be entitled to receive $54.20 in cash for each common share they own, the company said, adding that its board was strongly in favour of the takeover.