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Elon Musk Twitter message: Board members meet as takeover discussions become more serious





New York
CNN Business

A version of this article first appeared in the “Reliable Sources” newsletter. You can register for free here.

The Twitter board met on Sunday for a dialogue on Elon Musk’s takeover bid – a potential prelude to negotiations with the Tesla boss on the next step.

A person familiar with the case confirmed that a board meeting took place on Sunday and said that discussions about Musk’s bid have become serious.

The source spoke after the Wall Street Journal gave the news that “the two sides meet”, and signaled that “the social media company may be more receptive to an agreement”.

“Twitter reconsiders Musk bid, may be more open to deal” was the magazine’s headline much of Sunday afternoon and evening, leading to newly discovered speculation about Twitter’s future.

The New York Times promoted the story a few hours after the Journal by reporting that the Twitter board first met “Sunday morning to discuss” Musk’s bid, adding that “Twitter’s board planned to meet with Mr. Musk’s page later on Sunday to discuss others. contours around a potential deal. ”

None of those involved have commented on the meetings. But Musk’s filing with the SEC last Thursday, saying he has set up $ 46.5 billion in funding for the deal, appears to be the driving factor.

Wall Street Journal reporter Cara Lombardo wrote that “Twitter is looking at the offer again and is more likely than before to try to negotiate,” adding that “the situation is moving fast.”

A big unknown: What is the Twitter board’s assessment of the company’s value? Is it in the same ballpark as Musk?

Dan Ives of Wedbush Securities so Sunday that “the Street will read this news today as the beginning of the end for Twitter as a public company with Musk who is probably now about to buy the company unless another bidder enters the mix. The board can officially reject Musk’s bid, and then a hostile tender will begin. ”

Twitter – which is currently trading at around $ 49 per share, lower than Musk’s bid of $ 54.20 per share – will report earnings for the first quarter on Thursday afternoon. The company will have to accept Musk’s offer by then, if not before.

Sunday night, the only statement from the company was as follows: “As previously announced, the board continues to conduct a careful, comprehensive and deliberate review to determine the course of action for the benefit of the company and all Twitter shareholders.”





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