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Wednesday, May 18, 2022

JUST IN: Twitter set to accept Elon Musk’s $43bn bid

Twitter is reportedly prepared to accept Elon Musk’s offer to buy the company for $43 billion in cash.

This is according to a Bloomberg report on Monday which stated that the deal could be reached shortly if negotiations go smoothly.

It was gathered that Twitter has not been able to secure so far a ‘go-shop’ provision under its agreement with Mr. Musk that would allow it to solicit other bids once the deal is signed.

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Twitter shares were up 4.5% in pre-market trading in New York on Monday at $51.15.

Mr. Musk has said Twitter needs to be taken private to grow and become a genuine platform for free speech.

The deal would come just four days after the billionaire unveiled a financing package to back the acquisition. This led Twitter’s board to take the deal more seriously and many shareholders to ask the company not to let the opportunity for a deal to slip away, according to reports.

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The sale would represent an admission by Twitter that its new chief executive Parag Agrawal, who took the helm in November, 2021 is not making enough traction in making the company more profitable, despite being on track to meet ambitious financial goals the company set for 2023. Twitter’s shares were trading higher than Mr. Musk’s offer price as recently as November.

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