Twitter shares jumped over 5% in the premarket Monday on reports the organization is approaching a deal with Elon Musk.
Musk earlier this month proposed to purchase Twitter for $54.20 an offer, or about $43 billion.
Twitter’s board had met on Sunday April 24 to discuss Musk’s funding plan for his proposed bid, a close source said.
The social media organization had been supposed to decline a deal and had embraced what they call a “poison pill” to fight off a possible antagonistic takeover. Be that as it may, Twitter turned out to be more open to a bid after Musk revealed he got $46.5 billion in financing.
Meanwhile, Bloomberg News and Reuters revealed that, both sides (Twitter and Elon Musk) could agree at the earliest opportunity. The load up haggled with Musk into the early long stretches of Monday, as per The New York Times.
It’s muddled what a final deal could look like, but the agreement could still fall apart as reports. Twitter has not been able to secure a “go-shop” agreement yet, which would allow it to look for other bids once it signs an agreement, according to Reuters. The company could still accept another bid if he pays Musk a break-up fee, it added.
The Tesla and SpaceX CEO is bent on acquiring the social media company. He had built up more than 9% in stock and turned down an offer to join the board before putting in a bid for the company.
Musk has contended Twitter should be changed into a privately owned business so it can become a forum for free speech. He’s also said that Twitter’s board members’ interests are simply not aligned with shareholders and that the board owns almost no shares of the company.
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