Twitter ‘on track’ to reach deal with Musk by Monday: Report

Published: Updated:
Read Mode
100% Font Size
2 min read

Twitter is “on track” to reach a deal with Elon Musk as early as Monday, according to CNBC citing a report.

For the latest headlines, follow our Google News channel online or via the app.

The company is coming under increasing pressure from its shareholders to negotiate with the world's richest person after he called his $43 billion bid for the social media platform his best and final offer, people familiar with the matter said in an earlier report on Sunday.

While the views of Twitter shareholders vary over what a fair price for a deal would be, many reached out to the company after Musk outlined his acquisition financing plan on Thursday and urged it not to let the opportunity for a deal slip away, the sources said, speaking on condition of anonymity.

Twitter adopted a poison pill after Musk made his offer to prevent him from raising his more than 9 percent stake in the company above 15 percent without negotiating a deal with its board. In response, Musk has threatened to launch a tender offer that he could use to register Twitter shareholder support for his bid.

A concern that Twitter's board is weighing is that unless it seeks to negotiate a deal with Musk, many shareholders could back him in a tender offer, the sources said. While the poison pill would prevent Twitter shareholders from tendering their shares, the company is worried that its negotiating hand would weaken considerably if it was shown to be going against the will of many of its investors, the sources added.

Musk, the chief executive of electric car maker Tesla Inc , has been meeting with Twitter shareholders since he unveiled his offer on April 14, seeking support for his bid. Musk has said Twitter needs to be taken private to grow and become a genuine platform for free speech.

Read more:

Twitter under shareholder pressure to seek deal with Musk, sources say

Twitter is weighing a poison pill defense to thwart Elon Musk’s takeover bid

Elon Musk tweets cryptic phrase days after Twitter takeover offer

Top Content Trending