Twitter may finalize deal with Elon Musk.
Highlight
- Twitter is close to a deal to accept Elon Musk
- Tesla CEO offered to buy Twitter a few weeks ago
- Musk offered Twitter $43 billion, calling it the “best and final” offer
Days after Elon Musk offered to buy Twitter, the CEO of microblogging site Tesla is close to a deal to sell himself for $54.20 a share in cash, the report said.
The $54.20 per share is the price that Elon Musk originally offered the social media company and called his ‘best and last’, Reuters quoted people familiar with the matter as saying.
Elon Musk has previously said that he has raised $46.5 billion in funding to buy Twitter, and he is trying to negotiate a deal with the company.
Last week, Musk offered to buy the social media company for $54.20 per share, or about $43 billion. At the time, he had said how he would finance the acquisition.
The Tesla CEO said in documents filed with US securities regulators on Thursday in what is known as a tender offer to buy all of the social media platform’s common stock for $54.20 per share in cash.
Under a tender offer, Musk, who owns about 9% of Twitter shares, will take his offer directly to other shareholders, bypassing the board. But Musk has yet to decide whether to do so. The documents say Twitter has not responded to Musk’s offer.
Twitter’s board last week adopted a “poison pill” defense that could make the takeover effort prohibitively expensive.
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