Twitter Inc, shareholders voted to approve a proposed $44 billion buyout of the company by billionaire Elon Musk, Bloomberg reported.
A preliminary vote held Tuesday saw a majority of shareholders support the decision to accept Musk’s $54.20-a-share offer to acquire Twitter. Shares of the company are currently trading below that offer at $41.92.
Although the deal now has the necessary shareholder approval to be ratified, in July Musk made clear his intention to pull out from the deal, citing concerns over bot and spam accounts on the social media platform. In turn, Twitter filed a lawsuit in an effort to compel Musk to follow through with the deal to which he signed an agreement.
The coming trial has been a source of spectacle as lawyers representing both Musk and Twitter continue to grapple over witnesses, evidence, and the court date, now set for Oct. 17 in Delaware Chancery Court.