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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

Angola, Portugal sign 13-point pact spanning finance, law, others    

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Angola and Portugal have signed a Memorandum of Understanding including 13 different agreements that cut across financial, legal and other critical areas.

The Angolan President, João Lourenço, who received his Portuguese counterpart, António Costa on Monday, revealed that the country was enthusiastic about partnering with its erstwhile colonialist.

“I have to say that we sensed a great willingness to collaborate on the part of the Portuguese justice system, with whom we were able to exchange not only information but also the alignment of Angola’s anti-corruption strategy and to say that in principle everything that was asked of the Portuguese authorities so that we could find the right correspondent”, president Lourenço said.

The Portuguese president announced a rise in its financial commitment to Angola which is a top oil producer in Africa.

“To support the Angolan government’s ambition and strategic approach to diversifying the country’s economy, we have significantly increased the credit line from one thousand five hundred to two billion euros”, announced Costa.

The new agreement will run till 2027. The economies of Angola and Portugal are deeply intertwined, and the two countries share a language and cultural heritage.

According to consular statistics, approximately 100,000 Portuguese nationals work in Angola, with approximately 10,000 Portuguese firms operating in a variety of sectors such as construction, engineering, hospitality, law, and financial services.

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Musings From Abroad

Israeli PM, Netanyahu demands investigation over killing of soldiers in Egypt

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Israeli Prime Minister, Benjamin Netanyahu has called for an explanation from Egyptian authorities following the reported killing of three Israeli soldiers by a member of the Egyptian security services.

He told his cabinet in televised remarks that “Israel relayed a clear message to the Egyptian government. We expect that the joint investigation will be exhaustive and thorough.

“We will refresh procedures and methods of operations and also the measures to reduce to a minimum the smuggling and to ensure tragic terrorist attacks like this do not happen again.”

Three Israeli soldiers were killed in an attack near Egypt’s border by a gunman wearing an Egyptian police uniform— the first deadly exchange along the border shared by the two countries in more than a decade.

According to the Israeli military, two soldiers were killed by an Egyptian policeman while securing a military post near the Egyptian border early Saturday. According to the report, the Egyptian officer and a third Israeli soldier were killed in a clash on Israeli territory hours later.

Israeli military spokesman, Daniel Hagari, while addressing journalists, said: “From that moment a terrorist event was declared, leading to sweeps of the area.”

He also revealed that “a drone was sent up and 1.5 kilometres inside Israel a suspicious person was identified.”

Egypt’s relationship with Israel is complicated and has evolved significantly over time. Despite having fought four wars, the two countries now work closely together, primarily on security issues.

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