Twitter Inc. is close to striking a deal to sell itself to Elon Musk for $54.20 a share in cash, the price he originally offered the social media company for and called the “best and last” case. Familiar people said.
Sources said Twitter could announce the $43 billion deal later on Monday, when its board has met to recommend the transaction to Twitter shareholders. Sources said it is always possible that the deal breaks down at the last minute.
Sources said Twitter is yet to secure a ‘go-shop’ provision under its agreement with Musk, which would allow it to solicit other bids from potential acquirers once the deal is signed. Still, Twitter will be allowed to accept another party’s offer by paying Musk a break-up fee, the sources said.
Twitter and Musk did not immediately respond to requests for comment.
(Reporting by Greg Rumeliotis in New York)
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