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Twitter Silver Lake Investment Agreement

Shortly after Elliott`s arrival as an activist, Silver Lake turned to Twitter for a possible investment. These three have been working in recent weeks on a compromise that allows Mr. Dorsey to remain executive chef. Twitter Inc. (TWTR) – Get Report reached an agreement Monday with activist investors Elliott Management and Silver Lake and promised to buy back $2 billion worth of shares, in a deal that is likely to be the co-founder of Jack Dorsey as CEO. The Company will use the proceeds of the Silver Lake investment as well as the cash to repurchase up to $2 billion of its own shares over time. Silver Lake is the global leader in technology investments, with total assets under management of more than $43 billion and a team of over 100 investment and business experts in Silicon Valley, New York, London and Hong Kong. Silver Lake`s portfolio together represents more than $230 billion in annual sales and employs 370,000 people worldwide. For more information about Silver Lake and its portfolio, see www.silverlake.com. As part of the deal, Silver Lake co-chief Egon Durban and Elliott director Jesse Cohn, who oversaw the Twitter campaign, will take up Twitter`s board of directors. The panel will seek a third independent director, focusing on finding an expert in artificial intelligence and other technologies. Jack Dorsey, co-founder and CEO, said: ”Twitter serves public conversation and our goal has never been more important.

Silver Lake`s investment in Twitter is a strong vote of confidence in our work and how we move forward. You are one of the most prestigious voices in technology and finance, and we are fortunate to have him as our new partner and as a member of our Board of Directors. We welcome the support of Egon and Jesse and look forward to their positive contributions as we continue to create a service that will deliver to customers and increase value for stakeholders. The deal brings together hedge fund Elliott, which owns $1 billion in Twitter, and Silver Lake in an unusual deal that allows Dorsey to continue running the company and avoid potentially nasty competition. Jesse Cohn is a Partner of Equity, Senior Portfolio Manager, Head of U.S. Equity Activism and a member of the Management Committee of Elliott Management Corporation. Mr. Cohn`s primary responsibility is to manage U.S. public and private actions. Mr. Cohn also focuses a lot of time on Elliott`s technology investments and is currently a director of eBay and Citrix, as well as many private companies.

Mr. Cohn is a member of the Advisory Board of the Harvard Law School Program on Corporate Governance. Prior to Elliott, he worked in the investment division of Morgan Stanley. Mr. Cohn received his B.S. from the Wharton School of Business at the University of Pennsylvania, where he graduated. (Reuters) – Twitter Inc TWTR. N Monday a deal with Elliott Management, which leaves Jack Dorsey in the post as chief executive and made public three new directors days after Elliott`s plan to oust the social media company`s CEO.

Under pressure from an activist investor, Twitter Inc has agreed to appoint three new directors to its board of directors and create a five-member independent committee to evaluate its management structure as part of an agreement with investment firm Elliott Management Corp. and private equity firm Silver Lake. As part of the investment and cooperation agreement, Egon Durban, co-CEO and managing partner of Silver Lake, and Jesse Cohn, partner at Elliott, will be appointed to the Twitter Board of Directors. In addition, the Twitter Board will continue the process of identifying a third new independent director focused on candidates who reflect the diversity of Twitter service and who also have substantive technology and AI expertise.

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