Twitter Inc. shareholders approved billionaire Elon Musk's proposed $44 billion takeover, paving the way for a trial next month to decide the fate of the deal.
A majority of Twitter shareholders voted Tuesday to approve Musk's $54.20-per-share offer to buy the social-networking business.
Musk made the proposal in April and wants to withdraw it. Twitter's board and two consulting companies urged investors to approve the purchase.
Following the vote, the company's shares were little changed and closed at $41.74, well below Musk's proposed price.
The shareholder meeting lasted 7 minutes, with polls open for 3 minutes. Twitter encouraged investors to vote early weeks before the meeting.
The transaction needs investor approval, but it's uncertain. Musk said he was cancelling in July, claiming Twitter misled him about its user base, bots, and spam accounts.
Twitter denies the allegations and has sued Musk in Delaware to compel him to complete the acquisition. Musk then filed a counter-suit against the company.
According to the company, 98.6% of the votes cast were in favour of the transaction. As per two people familiar with Musk's decision, Musk did not vote at all.
When Musk agreed to buy Twitter, he owned nearly 10% of the company (more than 73 million shares).
For weeks, lawyers for Musk and San Francisco-based Twitter have fought over witnesses, evidence, and even the court date.
Musk recently attempted to strengthen his case by citing revelations from a former senior Twitter executive-turned-whistleblower who came forward at the end of August.