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Twitter 'inching closer' to finalise $46.5 bn deal with Elon Musk

Twitter 'inching closer' to finalise $46.5 bn deal with Elon Musk

Monday, 25 April 2022

San Francisco: Despite internal disagreements, the Twitter board is reportedly inching towards finalising the hostile takeover deal worth $46.5 billion made by Tesla CEO Elon Musk, and an announcement was expected as early as Monday (US time).

The Washington Post reported, citing people close to the matter, that Twitter is in discussions to "sell itself to Elon Musk" and could "finalise a deal as soon as this week".

"The two sides met Sunday to discuss Musk's proposal and were making progress, though still had issues to hash out, the people said. There is no guarantee they will reach a deal," the report said.

The New York Times also reported that Twitter's board is seriously considering Musk's offer to buy the company.

Musk's initial bid of about $43 billion was seen as undervaluing the company significantly.

The Tesla and SpaceX CEO last month further revealed his Twitter takeover plan that will see $25.5 billion in loans and $21 billion in personal equity -- taking the final bid to $46.5 billion.

In a fresh filing with the US Securities and Exchange Commission (SEC), Musk said that the funding is provided through two debt commitment letters from Morgan Stanley Senior Funding, in which the bank commits to offering a series of loans worth $25.5 billion.

The remaining $21 billion will be managed by Musk on his own.

The filing had made it clear that Twitter has not formally responded to Musk's offer.

A Twitter spokesperson said the company has received Musk's offer and said it would conduct a "careful, comprehensive" review.

Musk, who had disclosed ownership in Twitter in a filing with the SEC earlier this month, has a 9.1 per cent ownership stake in the platform, which is worth over $3 billion currently.

The billionaire is willing to pay $54.20 per share to buy 100 per cent of the company.

© 2022 IANS. All rights reserved.

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Despite internal disagreements, the Twitter board is reportedly inching towards finalising the hostile takeover deal worth $46.5 billion made by Tesla CEO Elon Musk.
San Francisco, Twitter, deal, Tesla, CEO, Elon Musk, Twitter takeover, US
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2022-57-25
Monday, 25 April 2022
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