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  4. Proxy advisor ISS recommends Twitter shareholders back sale to Musk
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Proxy advisor ISS recommends Twitter shareholders back sale to Musk

NEW YORK (Reuters) - Institutional Shareholder Services Inc (ISS) wrote in a note on Tuesday that Twitter Inc (NYSE:TWTR) shareholders should vote in favor of the social media...
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Proxy advisor ISS recommends Twitter shareholders back sale to Musk © Reuters. FILE PHOTO: Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. REUTERS/Dado Ruvic/Illustration//File Photo

NEW YORK (Reuters) -Investors in Twitter (NYSE:TWTR) should vote to approve Elon Musk's $44 billion plan to buy the social media company, proxy advisory firm Institutional Shareholder Services (ISS) said on Tuesday.

The ISS recommendation was widely expected to be in favor of the deal given that valuations of technology companies plunged after Musk inked his deal in April to buy Twitter for $54.20 per share. Twitter shares are now hovering around $40.

"A vote FOR this proposal is warranted," ISS wrote in its report, citing the benefits of Musk's all-cash offer which provides liquidity and value to shareholders. Additionally, there has not been much shareholder opposition to Musk's plan, ISS said, adding another reason to support it.

Shareholders will be voting on the matter on Sept. 13.

Musk is currently reluctant to proceed with the deal, however, and the matter will be reviewed in a Delaware court in October.

Twitter has sued Musk after he gave notice to the company that he does not plan to go ahead with the deal, arguing he was misled over the number of spam accounts on its platform. Musk has also seized on claims of a Twitter whistleblower regarding cyber security issues at the company.

Despite the pending lawsuit, ISS wrote that even if the deal were delayed or terminated, "it appears that the most prudent course of action for shareholders at this juncture is to focus on the fundamentals of the transaction itself."

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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-0.0015 (-0.12%)

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USD/JPY

157.91

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AUD/USD

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-0.0003 (-0.05%)

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168.32

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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