Twitter Edges Closer to Deal with Elon Musk
TPeople familiar with the matter stated that witter Inc. is closing in on negotiations regarding a $43 Billion sale to Elon Musk. It could go down as the most significant leveraged buyout ever of a company listed.
The company, which is a social media platform, is trying to negotiate terms for a deal and may reach an agreement Monday morning if everything goes smoothly according to two people who requested anonymity because it is confidential. Musk has begun to seek potential investors for the acquisition.
Discussions between the billionaire Tesla Inc. founder and Twitter’s board about a takeover at $54.20 per share continued overnight into the early hours of Monday, the people said. Twitter’s shares surged 6.2% during pre-market U.S. trade Monday and reached as high of $51.98.
Twitter opened up to possible deals shortly after Tesla Inc.’s founder, a billionaire, revealed his financing plan that involved Morgan Stanley and other institutions. People said that talks can drag out or collapse and the situation could change.
Representatives for Twitter and Musk didn’t immediately respond to requests for comment. The Wall Street Journal earlier reported that both parties could come to an agreement in the next week. The Wall Street Journal cited unidentified persons.
—With assistance from Maxwell Adler and Scott Deveau.
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