Merger and acquisition lawyers describe the agreement as an end to the deal's beginning, rather than a sign that it will be completed. Shareholders and regulators, they say, can push back against the proposal. Shareholders, in large enough numbers, can press for a higher share price, or flat-out reject Musk's offer. U.S. regulators can also require transparency and object if they find antitrust concerns.
Twitter's bylaws require the company to give shareholders at least 10 days notice before a meeting to vote on the deal, which is
expected to close in 2022.
John Livingstone, a research fellow for Case Western Reserve University School of Law, says shareholder approval is the most significant hurdle for Musk and noted
the board's vote is simply a recommendation.