Twitter board says planning to enforce Elon Musk's merger agreement

The board's statement comes as Musk appears to be maneuvering to ditch or renegotiate his offer

Twitter Inc.'s board said it plans to enforce its $44 billion agreement to be bought by Elon Musk, saying the transaction is in the best interest of all shareholders.

“We intend to close the transaction and enforce the merger agreement,” the board said Tuesday in a statement to Bloomberg News. Directors voted earlier to unanimously recommended that shareholders approve Musk's $54.20-a-share offer.

The proposed takeover includes a $1 billion breakup fee for each party, which Musk will have to pay if he ends the deal or fails to deliver the acquisition funding as promised. Musk might be released from that