Elon Musk Twitter offer: Board members meet as discussions about takeover bids become more serious

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.

“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”[ads1]; 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 taking a fresh look at the offer and is more likely than ever 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 probably now on its way to buy the company unless another bidder enters the mix. The board can officially reject Musk’s bid and then will a hostile tender begins. “

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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