Twitter urged shareholders on Tuesday to support the $44 billion deal Elon Musk made to buy the online podium and schedule a vote on the merger for September 13.
The company is in a legal battle with the moody Tesla boss over his efforts to walk away from the agreement, and a judge has called for a trial to begin in October.
“Twitter believes that Mr. Musk’s alleged termination is invalid and unlawful and the merger agreement remains in effect,” Chief Executive Officer Parag Agrawal and Chief Executive Officer Bret Taylor said in a copy of a letter to investors filed with the Securities and Exchange Commission .
“Your vote at the special meeting is critical to our ability to complete the merger.”
Twitter shareholders have been assured that they can attend the meeting online and vote remotely.
Twitter’s board of directors unanimously recommended that shareholders vote for Musk to buy the company for $54.20 per share, under the terms of a deal signed in April.
“We are committed to completing the merger at the price and terms agreed with Mr. Musk,” read Tuesday’s letter.
Twitter shares ended Tuesday’s formal trading day at $39.34.
The company blamed “headwinds” for disappointing quarterly results last week, including uncertainty imposed on the company by Musk’s messy takeover bid.
The social giant reported that the number of “monetizable” daily active users – those who can be shown ads – rose by 8.8 million to 237.8 million.
Twitter’s findings covered the period ending in June, and thus don’t include Musk’s move in July to try to “close out” the deal, arguing that the platform failed to provide details on its list of fake accounts.
The social media network has countered that Musk has already agreed to the deal and cannot step down now.
A court in the eastern US state of Delaware agreed to a summary judgment on whether the billionaire should be forced to complete the acquisition.
Billions of dollars are at stake, as is the future of Twitter, which Musk says should allow any legal speech – an absolutist position that has raised fears the network could be used to incite violence.
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