Twitter’s board expressed opposition to Tesla CEO Elon Musk’s buyout offer over the last two weeks. The board went so far as to consider diluting Twitter’s stock price in a ‘poison pill’ provision to stop Musk from carrying out a hostile takeover.
The hostility between Musk and Twitter’s board was mutual, with Musk threatening to reduce board members’ salaries to $0 if he took control of the company and turning Twitter’s headquarters into a homeless shelter.
Now, Twitter is rumored to have decided on Musk’s $43 Billion offer to buy out the company. Sources close to the Board have said that Twitter will accept Musk’s proposal in the coming days and that they are in the midst of finalizing the deal.
The Jerusalem Post Reports–
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“Twitter Inc TWTR.N is poised to agree a sale to Elon Musk for around $43 billion in cash, the price the chief executive of Tesla Inc TSLA.O has called his “best and final” offer for the social media company, people familiar with the matter said.
Twitter may announce the $54.20-per-share deal later on Monday once its board has met to recommend the transaction to Twitter shareholders, the sources said. It is always possible that the deal collapses at the last minute, the sources added.
Musk, the world’s richest person according to a tally by Forbes, is negotiating to buy Twitter in a personal capacity and Tesla 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.
The sources requested anonymity because the matter is confidential. Twitter and Musk did not immediately respond to requests for comment.”