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Twitter accepts Elon Musk’s buyout deal with $44b, giving him full control of company

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The board of microblogging giant, Twitter, has finally accepted the buyout offer of $44 billion from Tesla’s billionaire owner, Elon Musk, to buy the company and take it private, the social media company confirmed on Monday.

The announcement effectively ends the controversy generated by Musk’s initial offer to buy the company at $54.20 per share, which translated to $43 billion, a few days after buying 9.2 percent of the company’s shares to become the single largest shareholder.

Musk’s first offer did not say at the time how he would finance the acquisition which made the Twitter board seek to fend off a hostile takeover by adopting a so-called “poison pill” that that could make a takeover attempt prohibitively expensive.

However, after initiating talks with the Musk team on Monday, the Twitter board came out with an announcement that it is selling the platform to the SpaceX owner in a deal valued at $44 billion.

“Twitter, Inc. today announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company,” the company said.

While announcing the news in a statement shortly after successfully taking over the company, Musk said:

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.

“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

Bret Taylor, Twitter’s Independent Board Chair, said of the takeover:

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”

Musings From Abroad

Months after acquisition, Tata Group to spend $400 million to refurbish Air India

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Following the acquisition of Air India by the conglomerate, Tata Group, the airline will spend more than $400 million to refurbish the interiors of its entire wide-body fleet.

The company on Thursday said the overhauling and upgrade to part of plans to attract more flyers.

“Air India has committed to attaining the highest standards of product and service befitting of a world-class airline. We know that, at present, the cabin product on our 40 legacy widebody aircraft falls short of this standard,”

The refurbishment will involve the introduction of a premium economy cabin, it said in a statement, adding that the first aircraft with refurbished interiors will enter service in mid-2024.

In November, Tata Sons and Singapore Airlines (SIA) revealed that they will merge Air India and Vistara to create India’s second-biggest carrier in a deal where SIA will hold a 25.1% stake in the entity with an equity infusion of Rs 2,058.50 crore. Tata will hold the rest.

The Tata Group paid nearly $2.4bn (£1.7bn) to take over debt-ridden India’s national carrier, Air India in January 2022.

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Musings From Abroad

25 far-right group supporters arrested as Germany foils coup attempt

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Germany on Wednesday foiled a violent overthrow of the state to install as national leader a prince who had sought backing from Russia.

German authorities have detained 25 members and supporters of a far-right group.

The attempted coup was according to the prosecutor influenced by the deep state conspiracy theories of Germany’s Reichsbuerger and QAnon, whose advocates were among those arrested after the storming of the US Capitol in January 2021.

An Interior Ministry spokesperson said security agencies were looking closely at any possible contact with Russia.

The Kremlin said there could be no question of any Russian involvement in an alleged far-right plot to overthrow the German state, with spokesman Dmitry Peskov saying that it “appears to be a German internal problem”.

The group had emulated the structure of the government, creating a “council” that had regularly met since November 2021 as an administration-in-waiting with different departments, such as foreign affairs and health, prosecutors said.

Interior Minister Nancy Faeser assured Germans that authorities would respond with the full force of the law “against the enemies of democracy”.

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