New Delhi: Twitter Inc on Friday said that the waiting period under the HSR Act for Elon Musk’s $44-billion acquisition of the social media firm has expired, news agency Reuters reported. Now, the completion of the deal will be subject to the remaining customary closing conditions, including approval by the stockholders of Twitter and the receipt of applicable regulatory approvals, the company further said.
The HSR Act or the Hart-Scott-Rodino Antitrust Improvements Act of 1976, requires the parties to report large transactions to both the Federal Trade Commission and the US Department of Justice Antitrust Division for review.
It is to be noted that the development comes after Elon Musk had last month said the deal on Twitter was “temporarily on hold” as he sought more information about the proportion of the fake accounts on the social media platform.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Elon Musk had told his over 92 million Twitter followers.
Musk, who had said that he was still committed to the acquisition, decided to waive due diligence when he agreed to buy Twitter on April 25, in an effort to get the company to accept his “best and final offer”.
According to reports, the Tesla CEO has secured funding for the deal, that 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.