Business
BREAKING! Twitter Set To Accept Elon Musk’s $43 Billion Offer to Buy The Social Networking Company
A $43 billion in cash offer by world’s richest man, Elon Musk to buy Twitter is being considered by the company’s board.
Musk is the chief executive of Tesla Inc.
According to Reuters, Twitter may announce the $54.20-per-share deal later on Monday April 25, once its board has met to recommend the transaction to Twitter shareholders.
“It is always possible that the deal collapses at the last minute”, the sources added.
Tesla CEO, Musk, who is the world’s richest person is negotiating to buy Twitter in a personal capacity and his company is not involved in the deal.
Twitter has not been able to secure so far a ‘go-shop’ provision under its agreement with Musk that would allow it to solicit other bids once the deal is signed, the sources said. Still, Twitter would be allowed to accept an offer from another party by paying Musk a break-up fee, the sources added.
Twitter shares were up 4.5% in pre-market trading in New York on Monday April 25, at $51.15.
Musk has said Twitter needs to be made private to grow and become a genuine platform for free speech.
If successful, the deal would come just four days after Musk unveiled a financing package to back the acquisition.
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