Twitter Inc said on Friday that the HSR Act waiting period for Elon Musk's $44 billion acquisition of the social media business had passed. The transaction is now subject to remaining customary closing conditions, including approval by Twitter stockholders and receipt of appropriate regulatory approvals, according to Twitter.
The news comes after Musk announced last month that the Twitter transaction was "temporarily on hold" while he sought additional information regarding the number of fraudulent accounts on the network.
Musk has acquired $33.5 billion in equity finance and $13 billion in loans against Twitter for the transaction. In premarket trading, Twitter's stock increased approximately 2% to $40.62.
Elon Musk previously announced that his $44 billion purchase of Twitter Inc was temporarily halted owing to awaiting information on spam and fake accounts.
"Twitter deal on hold temporarily seeking information supporting calculation that spam/fake accounts do constitute less than 5% of users," Musk tweeted.
Elon Musk made a bid to acquire Twitter for $43 billion on April 14. Musk stated, "I propose to acquire 100% ownership for $ 54.20 per share, a 54 percent premium to the cost the day before I began investing in Twitter." This is my best and final offer, and if it is not accepted, I will be forced to reevaluate my position as a shareholder. Musk has 9.2 percent of Twitter. It was announced on April 4th.
Musk's first bid was $43 billion, but since Twitter's transaction was authorized on Monday, that sum has risen to $44 billion. It is unknown how the figure increased.