The answer is.. perhaps yes. According to The Wall Street Journal, the board of directors of Twitter is discussing letting Elon Musk take the entire firm, with the discussion between the two sides taking place on April 24. Furthermore, Musk’s bid deal could be finalized this week. A deadline for closing any potential deal is being discussed, as are any fees that would be paid if an agreement was signed and then fell apart.
Elon Musk claimed a few days ago that he had secured $46.5 billion in financing to purchase Twitter, which might be one of the reasons why 11 members of the Twitter board took Musk’s bid more seriously. Morgan Stanley and other financial firms would provide the funding. Barclays, Bank of America, Societie Generale, Mizuho Bank, BNP Paribas, and MUFG are among the other banks participating. Morgan Stanley is the third-largest stakeholder in Twitter, behind Vanguard Group and Musk.
In response to Elon Musk’s unwelcome offer, Twitter’s board of directors took a “poison pill” to prevent him from completing his purchase. If Musk’s offer is approved, a pill known as a limited duration shareholder rights plan would let current Twitter shareholders to buy shares at a huge discount. And it’s not good for Musk’s side. After all those actions, the company still said its board is “committed to conducting a careful, comprehensive and deliberate review to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders”.
Musk responded to the “poison pill” by announcing that if he is successful in acquiring the company, he will pay all board members $0 in order to save $3 million.
What looked to be an extremely improbable deal is now becoming more probable. According to sources familiar with the matter, the scenario involving Twitter and Mr. Musk is still fluid and fast-moving.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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