April 26, 2022: -Twitter shares increased over 5% in the premarket on reports the company is nearing a deal with Elon Musk that could be announced by Monday.
Musk offered to buy Twitter for $54.20 a share, or about $43 billion. The social media company had been expected to decline a deal and had adopted a so-called “poison pill” to fend off a potential hostile takeover. Although, Twitter became more receptive to a bid after Musk revealed he secured $46.5 billion in financing.
On Sunday, Twitter’s board met to discuss Musk’s financing plan for his proposed bid, a source close to the situation told CNBC.
Bloomberg and Reuters reported that the two sides could reach an agreement on Monday. According to The New York Times, the board negotiated with Musk into the early hours of Monday.
It’s unclear what a final deal could look like, and Reuters reported that an agreement could still fall apart on Monday. According to Reuters, Twitter has not been able to secure a “go-shop” agreement yet, which would allow it to look for other bids once it signs a deal. The company could still accept a different offer if Musk pays a break-up fee.
Wall Street was likely to view the news of Twitter’s openness to a bid “as the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix,” Wedbush analyst Dan Ives said in a Sunday note.
The Tesla and SpaceX CEO has been on a tear to acquire the social media company. He had built up more than 9% in stock and turned down an offer to join the board before bidding for the company.
Musk, an avid Twitter user, has argued it needs to be “transformed” into a private company so it can become a forum for free speech. He’s said Twitter’s board members’ interests “are simply not aligned with shareholders” and that the board “owns almost no shares” of the company.
The leadership landscape is profoundly changing, influenced by technological advancements, shifting workforce expectations, and the need for adaptability in an unpredictable global environment.
In the fast-paced business world, corporate leaders often find themselves at the crossroads of risk and reward, where bold decisions …
Corporate leaders often navigate turbulent waters where failure is not just a possibility but an inevitable part of the journey …
Corporate leaders play a pivotal role in shaping organizational cultures that embrace diversity and foster inclusivity. How can these …
Corporate leaders occupy a unique vantage point in the business world, offering insights and guidance shaped by their …
Corporate leaders today stand at the nexus of unprecedented technological evolution, where digital transformation reshapes industries and redefines …
January 15, 2025: South Korea’s ongoing political crisis is causing significant volatility in Asian financial markets..
January 14, 2025: The European Union’s Digital Services Act (DSA) reshapes how B2B platforms operate across Europe.
The leadership landscape is profoundly changing, influenced by technological advancements, shifting workforce expectations, and the need for adaptability in an unpredictable global environment.
The EU Green Deal is accelerating corporate sustainability efforts across industries, prompting significant leadership and strategic priorities shifts.
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you
