Twitter set to accept Musk's $43 billion offer
NEW YORK, April 25 (Reuters) - Twitter Inc (TWTR.N) is poised to agree a sale to Elon Musk for around $43 billion in cash, the price the CEO of Tesla 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, adding it was still possible the deal could collapse at the last minute.
Musk, the world's richest person according to Forbes, is negotiating to buy Twitter in a personal capacity and Tesla (TSLA.O) 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.
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The sources requested anonymity because the matter is confidential. Twitter and Musk did not immediately respond to requests for comment.
Twitter shares were up 4.5% in pre-market trading in New York at $51.15.
Musk, a prolific Twitter user, has said it needs to be taken private to grow and become a genuine platform for free speech.
NEW YORK, April 25 (Reuters) - Twitter Inc (TWTR.N) is poised to agree a sale to Elon Musk for around $43 billion in cash, the price the CEO of Tesla 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, adding it was still possible the deal could collapse at the last minute.
Musk, the world's richest person according to Forbes, is negotiating to buy Twitter in a personal capacity and Tesla (TSLA.O) 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.
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The sources requested anonymity because the matter is confidential. Twitter and Musk did not immediately respond to requests for comment.
Twitter shares were up 4.5% in pre-market trading in New York at $51.15.
Musk, a prolific Twitter user, has said it needs to be taken private to grow and become a genuine platform for free speech.
Out of all the social media platforms, Twitter was the big dog on the block when it comes to politics and influence. This is huge. Liberals just lost a huge platform that they have controlled and shut down free speech on one side.
Epic. This makes me so happy.
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