Twitter Inc is close to agreeing to sell the social media business to Elon Musk for about $43 billion in cash, the sum that Tesla Inc CEO Elon Musk described as his “last and best” offer for the company, according to people. . familiar with the subject.
Twitter could announce the deal for $54.20 a share later on Monday, the sources said, when its board of directors meets to endorse the transaction to Twitter shareholders. Sources warned that the arrangement could collapse at the last minute.
Mr. Musk, the world’s richest person according to Forbes, is negotiating to acquire Twitter in a personal capacity; Tesla is not a party to the transaction.
According to sources, Twitter has been unable to obtain a ‘buy’ provision in its agreement with Musk that would allow it to solicit further offers after the contract is complete. However, Twitter would be allowed to accept an offer from another party in exchange for paying Elon Musk a break-up fee, according to the sources.
Shares of Twitter were up 4.5 percent at $51.15 in premarket New York trading on Monday. Mr. Musk has stated that Twitter must be privatized if it is to flourish and become a genuine forum for free speech.
Elon Musk announced the deal just four days after announcing a financing package to support the acquisition. This prompted Twitter’s board of directors to take the purchase more seriously, with many shareholders urging the company not to pass up the deal opportunity, Reuters reported on Sunday.
The sale would be an admission by Twitter that its new CEO, Parag Agrawal, who joined the helm in November, is not making enough progress towards profitability, even though the company is on schedule to meet its lofty goals. financials by 2023. As recently as November, Twitter shares were trading above Musk’s offer price.
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