Elon Musk has generated more news than ever before when he sought to buy Twitter. While it has been believed that the transaction will never happen because of Twitter’s “poison pill” policy, a recent report suggests otherwise. According to Reuters, Twitter is evaluating the offer. Here’s all you need to know about it.
Will Musk Finally Purchase Twitter?
According to a recent Reuters article, Elon Musk met with Twitter’s board of directors on Sunday to examine the proposal’s potential. The board appears to be evaluating the offer and may continue negotiating with Musk. And if everything goes into place, Musk may acquire Twitter.
This comes only days after Musk said that he had obtained $46.5 billion for the purchase and was preparing to engage directly with Twitter’s shareholders to take over the company. It has been disclosed that Musk made the pitch to a few shareholders to influence the company’s decision, and he was successful in impressing those shareholders, which has resulted in the bargaining discussions.
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For those who are unaware, Musk recently made the “best and last” bid to purchase Twitter for $54.20 per share. This non-binding plan involves the acquisition of Twitter’s outstanding common shares for about $43 billion. After purchasing Twitter, Elon Musk stated that he hoped to make it a better platform for free speech, and he even stated that if the acquisition is blocked, he may withdraw as a stakeholder.
However, the board quickly enacted the “poison pill” provision, which barred Musk from acquiring more than 15% of the company. He presently owns 9.2 percent of Twitter, giving him the company’s largest stakeholder.
Twitter is also investigating if regulators are investigating Musk, which may be another major hurdle to the agreement.
As a result, it’s clear that Twitter is simply contemplating the offer, and it’s unclear if Musk will ultimately win the deal. Twitter is expected to release definitive details this week, according to reports.