Twitter may announce its acceptance of Elon Musk’s $43 billion acquisition offer as soon as later on Monday, according to a new report from Reuters. Musk submitted his “best and final” offer to acquire Twitter just under two weeks ago, a move which came just two weeks after the Tesla and SpaceX CEO bought a 10% stake in the company.
Musk’s roughly $43 billion offer, which he has apparently secured funding for, values Twitter at $54.20 per share. Early reports indicated that Twitter was not interested in accepting the offer, with the company even adopting a “poison pill” to avoid a hostile takeover.
Reuters reports that Twitter’s board of directors is expected to meet again on Monday to “recommend the transaction” to shareholders. The deal, however, could still collapse at the “last minute,” the report cautions:
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.
Reuters also notes that Twitter has “not been able to secure a ‘go-shop’ provision” in its agreement with Musk. Such an agreement would allow the company to “solicit other bids” once a deal with Musk is signed, but again, that provision is not currently included.
Twitter’s acceptance of Musk’s acquisition offer could be announced as soon as later today. Musk has said that he believes Twitter must go private in order to “thrive.”
I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.
What do you make of Twitter’s potential acceptance of Musk’s acquisition offer? Let us know down in the comments.
FTC: We use income earning auto affiliate links. More.