Twitter’s board and Tesla CEO Elon Musk negotiated into the early hours of Monday over his bid to buy the social media platform, The New York Times reports.
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The negotiations followed a special meeting of the Twitter board on Sunday, the Times said, basing its report on two people with inside information.
Twitter (TWTR) was up 2.2% in premarket trading, to $51.50. Neither Musk nor Twitter responded to a request by The New York Times for comment. Unless Musk partners with another investment bank, private equity firm or other financial partner, he is likely to take Twitter private if he succeeds in acquiring it, Dan Ives, an analyst at Wedbush Securities, wrote in a note on Sunday.
Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal.
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The Times, citing people with knowledge of the situation who it did not identify, says the two sides were discussing details including a timeline and fees if an agreement was signed and then fell apart. The people said the situation was fluid and fast-moving.
Twitter had enacted an anti-takeover measure known as a poison pill that could make a takeover attempt prohibitively expensive. But the board decided to negotiate after Musk updated his proposal to show he had secured financing, according to The Wall Street Journal, which was first to report the negotiations were underway.
According to a new Securities and Exchange Commission (SEC) filing revealed Thursday, Musk had secured $46.5B to acquire Twitter.
According to theBlaze, Musk had declared his previous offer to purchase the company outright for $43B his “best and final” offer. The $46.5B was secured just days after the Twitter board opted for a “poison pill,” in an effort to block Musk’s acquisition of the company. Continue reading at Newsmax.