Twitter Inc has kicked off deal negotiations with Elon Musk after he wooed many of the social media company’s shareholders with financing details on his $43 billion acquisition offer, people familiar with the matter said.
has kicked off deal negotiations with after he wooed many of the social media company’s shareholders with financing details on his $43 billion acquisition offer, people familiar with the matter said. The company’s decision to engage with, taken earlier on Sunday, does not mean that it will accept his $54.20 per share bid, the sources said. It signifies, however, that Twitter is now exploring whether a sale of the company to Musk is possible on attractive terms, the sources added., has been meeting with Twitter shareholders in the last few days, seeking support for his bid. He has said Twitter needs to be taken private to grow and become a genuine platform for free speech. Many Twitter shareholders reached out to the company after Musk outlined a detailed financing plan for his bid and urged it not to let the opportunity for a deal slip away, Reuters reported earlier on Sunday. Musk’s insistence that his bid for Twitter is his “best and final” has emerged as a hurdle in the deal negotiations, the sources said. Nevertheless, Twitter’s board has decided to engage with Musk to gather more information on his ability to complete the deal, and potentially get better terms, the sources added. Twitter has not yet decided if it will explore a sale to put pressure on Musk to raise his bid, according to the sources. The people with knowledge of the matter declined to be identified because the deal discussions are confidential. Twitter wants to know more about any active investigations by regulators into Musk, including by the U.
