Thursday, September 29, 2022

Twitter backtracks, now considering Elon Musk takeover proposal: Report

On Thursday, Mr Musk said he was exploring a tender offer to buy all of Twitter’s common stock for $54.20 per share in cash.

• April 24, 2022
Elon Musk and Twitter
Elon Musk and Twitter

Twitter is now considering the takeover proposal by Tesla CEO Elon Musk, backtracking on its initial position to fight off the hostile acquisition of the micro blogging site.  

This development comes shortly after Mr Musk announced he had secured $46.5 billion to buy the social media platform, in order to counter the poison pill approach initiated by Twitter to slow down his proposed takeover.

According to the Wall Street Journal, executives have begun showing signs of re-examining the bid and striking a deal with the Tesla boss, as representatives from both sides were scheduled to meet on Sunday.

There are speculations that Twitter executives who are yet to estimate the value of the micro blogging platform may strike a deal that would ensure Mr Musk covered the breakup protections as a contingency plan if the deal fails. The outcome of Sunday’s meeting would come to light in the course of the week, the Journal noted.

On Thursday, Mr Musk said he was exploring a tender offer to buy all of Twitter’s common stock for $54.20 per share in cash. 

A tender offer would allow Mr Musk, who owns nine per cent of Twitter shares, to present his offer directly to other shareholders, bypassing the board.

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