https://sputnikglobe.com/20220425/twitter-may-take-closer-look-at-elon-musks-bid-after-tesla-ceo-secured-funding-for-buyout-1095024877.html
Twitter in ‘Final Stretch’ of Talks With Musk on Buyout, Deal Possible on Monday, Report Says
Twitter in ‘Final Stretch’ of Talks With Musk on Buyout, Deal Possible on Monday, Report Says
Sputnik International
After Twitter's board of directors launched a rights issue known as a "poison pill" on 15 April to make it more difficult for Elon Musk to buy the company by... 25.04.2022, Sputnik International
2022-04-25T05:18+0000
2022-04-25T05:18+0000
2023-04-14T12:56+0000
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Twitter’s 11-member board is reportedly in the “final stretch” of talks with Elon Musk about his offer to buy the company , a person with knowledge of the matter is cited as saying by Bloomberg News.The micro-blogging site is reportedly hammering out the terms of the transaction, with an agreement possible as early as Monday if negotiations go smoothly.Earlier, a report in The Wall Street Journal had claimed that the social media company had grown more inclined to discuss Elon Musk’s offer after the billionaire had announced last week that he had already secured $43Bln to fund the acquisition. The micro-blogging site's board met on Sunday morning to mull over Musk’s unsolicited $46.5Bln bid, according to sources cited by the newspaper.It was reported that the finance secured by the billionaire chief executive of Tesla prompted Twitter’s board to review his offer of $54.20 a share.The report also indicated that the two sides were to meet later to discuss such things as the takeover timeline and fees to be paid should such an agreement be made but then collapse.The billionaire tech guru who has more than 83 million followers on Twitter, said on 13 April that since he had bought 9.2 percent shares in the micro-blogging platform he was ready to offer $43 billion to complete the deal and take the company private.Musk’s offer for Twitter represents a 54 percent premium on the share price registered a day before he began investing in the company in late January.Elon Musk was offered a seat on the board, which would have limited his shareholding to 14.9 percent under company rules, but he declined.In a Securities and Exchange Commission filing documenting his bid, Musk confirmed he intended to purchase Twitter in its entirety, adding: “I don’t have confidence in [Twitter’s present] management.”Musk clarified that he was motivated by a desire to tackle Twitter’s many deficiencies as a social media service, and sought to “transform” the company as a “platform for free speech around the globe”.Twitter was originally hostile to the idea, and in response to Musk’s “unsolicited, non-binding proposal to acquire” the social media platform, launched a “poison pill” strategy whereby the company floods the market with new shares or offers discounted shares to shareholders.However, sources cited by The New York Post said that it “was not over”, and there were “conversations” between Musk and investors on the issue.Musk piled more pressure on Twitter last week by updating his proposal. In a securities filing made public on Thursday, Elon Musk outlined how he had secured financing from investment bank Morgan Stanley - one of Twitter's biggest shareholders - and a group of other lenders.Other banks involved reportedly include Barclays, Bank of America, Societe Generale, Mizuho Bank, BNP Paribas and MUFG. The funds in question comprise $13 billion in debt financing, plus another $12.5 billion in loans against his stock in electric carmaker Tesla. The SpaceX founder is also expected to add around $21 billion in equity financing.Twitter said in a statement on 21 April that it received Musk's updated proposal and "new information on potential financing," adding that its board was "committed to conducting a careful, comprehensive and deliberate review to determine the course of action in the best interest of the company and all Twitter stockholders.”With the entire situation described as “fast-moving” by sources, a spokesman for the social media platform declined to comment.There has not yet been any comment from Elon Musk.Ever since the American billionaire made his offer, some analysts cited by US media outlets suggested Twitter’s board would only accept a bid of at least $60 a share. In 2021 Twitter’s stock shot above $70 a share, but has since dropped to around $48.
https://sputnikglobe.com/20220422/elon-musk-vows-to-defeat-spam-bots-if-his-twitter-takeover-bid-succeeds-1094963724.html
https://sputnikglobe.com/20220421/elon-musk-secures-financing-to-take-twitter-buyout-bid-to-investors-1094945796.html
https://sputnikglobe.com/20220420/tesla-resumes-operations-at-shanghai-plant-in-china-local-official-says-1094902795.html
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Twitter in ‘Final Stretch’ of Talks With Musk on Buyout, Deal Possible on Monday, Report Says
05:18 GMT 25.04.2022 (Updated: 12:56 GMT 14.04.2023) After Twitter's board of directors launched a rights issue known as a "poison pill" on 15 April to make it more difficult for Elon Musk to buy the company by diluting his stake, the Tesla chief executive - who at present owns 9.2 percent of the micro-blogging site's shares - announced he has secured $46.5Bln to fund his buy-out bid.
Twitter’s 11-member board is reportedly in the “final stretch” of talks with Elon Musk about his offer
to buy the company , a person with knowledge of the matter is cited as saying by Bloomberg News.
The micro-blogging site is reportedly hammering out the terms of the transaction, with an agreement possible as early as Monday if negotiations go smoothly.
Earlier, a report in The Wall Street Journal had claimed that the social media company had grown more inclined to discuss Elon Musk’s offer after the billionaire had announced last week that he had already secured $43Bln to fund the acquisition. The micro-blogging site's board met on Sunday morning to mull over Musk’s unsolicited $46.5Bln bid, according to sources cited by the newspaper.
It was reported that the
finance secured by the billionaire chief executive of Tesla prompted Twitter’s board to review his offer of $54.20 a share.
The report also indicated that the two sides were to meet later to discuss such things as the takeover timeline and fees to be paid should such an agreement be made but then collapse.
The billionaire tech guru who has more than 83 million followers on Twitter, said on 13 April that since he had bought 9.2 percent shares in the micro-blogging platform he was ready to offer $43 billion to complete the deal and take the company private.
Musk’s offer for Twitter represents a 54 percent premium on the share price registered a day before he began investing in the company in late January.
Elon Musk was offered a seat on the board, which would have limited his shareholding to 14.9 percent under company rules, but he declined.
In a Securities and Exchange Commission filing documenting his bid, Musk confirmed he intended to purchase Twitter in its entirety, adding: “I don’t have confidence in [Twitter’s present] management.”
Musk clarified that he was motivated by a desire to tackle Twitter’s many deficiencies as a social media service, and sought to “transform” the company as a “platform for free speech around the globe”.
Twitter was originally hostile to the idea, and in response to Musk’s “unsolicited, non-binding proposal to acquire” the social media platform, launched a “poison pill” strategy whereby the company floods the market with new shares or offers discounted shares to shareholders.
However, sources cited by The New York Post said that it “was not over”, and there were “conversations” between Musk and investors on the issue.
Musk piled more pressure on Twitter last week by updating his proposal. In a securities filing made public on Thursday, Elon Musk outlined how he had secured financing from investment bank Morgan Stanley - one of Twitter's biggest shareholders - and a group of other lenders.
Other banks involved reportedly include Barclays, Bank of America, Societe Generale, Mizuho Bank, BNP Paribas and MUFG. The funds in question comprise $13 billion in debt financing, plus another $12.5 billion in loans against his stock in electric
carmaker Tesla. The SpaceX founder is also expected to add around $21 billion in equity financing.
Twitter said in a statement on 21 April that it received Musk's updated proposal and "new information on potential financing," adding that its board was "committed to conducting a careful, comprehensive and deliberate review to determine the course of action in the best interest of the company and all Twitter stockholders.”
With the entire situation described as “fast-moving” by sources, a spokesman for the social media platform declined to comment.
There has not yet been any comment from Elon Musk.
Ever since the
American billionaire made his offer, some analysts cited by US media outlets suggested Twitter’s board would only accept a bid of at least $60 a share. In 2021 Twitter’s stock shot above $70 a share, but has since dropped to around $48.
