Elon Musk Twitter bid: Board members meet as discussions about takeover turn more serious

The Twitter board of administrators convened on Sunday for a dialogue about Elon Musk’s takeover offer — a possible prelude to negotiations with the Tesla CEO about subsequent steps.

An individual acquainted with the matter confirmed a board assembly happened on Sunday and mentioned that discussions about Musk’s bid have turned serious.

“Twitter reassesses Musk bid, could also be more open to deal” was the Journal’s lead headline for a lot of Sunday afternoon and night, prompting newfound hypothesis about Twitter’s future.

The New York Times advanced the story a couple of hours after the Journal by reporting that the Twitter board initially met “on Sunday morning to debate” Musk’s bid, including that “Twitter’s board deliberate to meet with Mr. Musk’s facet in a while Sunday to debate different contours round a possible deal.”

None of the folks concerned have commented on the conferences. But Musk’s submitting with the SEC final Thursday, saying he has lined up $46.5 billion in financing for the deal, appears to be the driving issue.

Wall Street Journal reporter Cara Lombardo wrote that “Twitter is taking a contemporary take a look at the supply and is more seemingly than earlier than to hunt to barter,” including that “the state of affairs is fast-moving.”

One large unknown: What is the Twitter board’s estimation of the corporate’s worth? Is it in the identical ballpark as Musk?

Dan Ives of Wedbush Securities said Sunday that “the Street will learn this information as we speak as the start of the tip for Twitter as a public firm with Musk seemingly now on a path to amass the corporate except a second bidder comes into the combo. The Board may formally reject Musk’s bid after which a hostile tender off will start.”

Twitter — at the moment buying and selling round $49 a share, decrease than Musk’s $54.20 a share supply — is because of report first quarter earnings on Thursday afternoon. The firm should handle Musk’s supply by then, if not earlier than.

On Sunday night time the one assertion from the corporate was as follows: “As beforehand introduced, the Board is constant to conduct a cautious, complete and deliberate evaluation to find out the plan of action in one of the best curiosity of the Company and all Twitter stockholders.”

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