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Twitter poised to accept Musk’s $43B purchase offer
By Yashasvini Razdan - Apr 25, 2022, 05:55 PM ET
Last Updated - Feb 23, 2024, 08:01 AM EST
Reuters had earlier reported that 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 deal has reportedly reached the final leg of negotiations
• The outcome could be announced by Monday itself
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Elon Musk’s venture to secure the ownership of Twitter Inc. (NYSE: TWTR) is nearing completion as the company is poised to agree on a sale to the Tesla CEO for around $43 billion in cash.
Reuters had earlier reported that 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 company’s 11-member board met with Musk to discuss his offer on Monday.
Musk’s negotiations are strictly based on a personal capacity and do not involve Tesla Inc. (NASDAQ: TSLA) at all.
Musk’s offer for Twitter is a 54 percent premium over the share price the day before he began investing in the company in late January. But Twitter’s shares traded higher than Musk’s bid for much of last year.
Twitter shares were up 6% on Monday in New York at $51.96.
Financing the deal
In an SEC filing, Musk said he would be committing $33.5 billion of his own money, including $21 billion of equity and $12.5 billion of margin loans from Morgan Stanley against some of his Tesla shares, to finance the transaction.
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