Twitter Says Antitrust Waiting Period For Musk Deal Has Closed
03 June 2022 - 11:05PM
Dow Jones News
By Dean Seal
Twitter Inc. said Friday the window has closed for federal
antitrust regulators to block Elon Musk's proposed $44 billion
acquisition of the social media company.
The company said the 30-day waiting period established under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, which gives
the Federal Trade Commission and Justice Department time to review
a transaction for potential antitrust violations, expired for the
deal Thursday night.
Musk's proposed $54.20 a share acquisition is still far from
final, after the Tesla Inc. CEO said the deal was "on hold" last
month until he could get a handle on the number of fake accounts
operating on the platform.
He added later that he remained committed to the acquisition,
though analysts believe he may be looking to renegotiate or scrap
the deal in light of recent turbulence in Tesla's stock price and a
broader selloff of tech stocks.
Twitter shares rose 2% in premarket trading to $40.75.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 03, 2022 08:50 ET (12:50 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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