Twitter says waiting period for Musk's deal over after being put on hold – Business Standard

Twitter Inc said on Friday the waiting period under the HSR Act for Elon Musk’s $44-billion acquisition of the social media firm has expired. Completion of the deal is now subject to remaining customary closing conditions, including approval by Twitter stockholders and the receipt of applicable regulatory approvals, Twitter said. The HSR Act, or the Hart-Scott-Rodino Antitrust Improvements Act, requires parties to report large transactions to both the Federal Trade Commission and the U.S. Department of Justice Antitrust Division for review. The development comes as Musk said last month that the Twitter deal was “temporarily on hold”, while he sought more information about the proportion of fake accounts on the platform. Musk has secured funding for the deal, which includes $33.5 billion through equity financing and $13 billion through loans against Twitter. Twitter’s shares rose about 2% to $40.62 in premarket trading. (Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.) Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country…
Read More