Twitter Board Redeems Elon Musk’s Takeover the Offer
Elon Musk has financed the acquisition of Twitter, and the two sides seem pretty close to an agreement now. Here are the details!
Twitter’s board is reportedly reconsidering its decision about a week after Elon Musk resorted to a “poison pill” measure to block his bid to buy the social media company.
The board met Sunday morning to discuss Musk’s bid to buy Twitter, according to The New York Times.
Earlier this month, the SpaceX and Tesla founder offered to buy all of Twitter’s shares for $54.20 per share. In a letter to Twitter, Musk stated that the social networking site has the potential to become a “worldwide free speech platform”, but Twitter has rolled out a “shareholder rights plan” in response to Musk’s “unsolicited, non-binding” proposal. This prevented him from buying an additional stake in the company. Musk had previously bought 9.2% of the company, valued at $2.89 billion on Twitter, making himself the company’s largest individual shareholder.
He also warned that he would reconsider his position as a shareholder if the takeover bid was rejected.
Sources Think Deal Will Happen
In a report citing private sources of the controversy, the Times stated that Twitter’s board “plans to meet” with Musk “to discuss other factors surrounding a potential deal,” including the fees that will be paid if a deal is signed and subsequently agreed.
While there is no further development for now, conditions indicate that an agreement is imminent. So what do you think about this News? You can share your thoughts with us in the comments section below.