Elon Musk Twitter supply: Board members meet as discussions about takeover bid flip extra critical

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New York
CNN Enterprise

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

An individual conversant in the matter confirmed a board assembly occurred on Sunday and stated that discussions about Musk’s bid have turned critical.

The supply spoke after the Wall Road Journal broke the information that the “two sides are assembly,” signaling that “the social-media firm might be extra receptive to a deal.”

“Twitter reassesses Musk bid, could also be extra 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 Occasions superior the story just a few 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 fulfill with Mr. Musk’s facet afterward Sunday to debate different contours round a possible deal.”

Not one of the individuals concerned have commented on the conferences. However 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 Road Journal reporter Cara Lombardo wrote that “Twitter is taking a contemporary take a look at the supply and is extra doubtless than earlier than to hunt to barter,” including that “the state of affairs is fast-moving.”

One large unknown: What’s 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 Road will learn this information at the moment as the start of the tip for Twitter as a public firm with Musk doubtless now on a path to amass the corporate until 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 corporate must deal with Musk’s supply by then, if not earlier than.

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

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