July 3, 2022

Brighton Journal

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Elon Musk show on Twitter: Board members meet as acquisition discussions get more serious

Elon Musk show on Twitter: Board members meet as acquisition discussions get more serious
Twitter’s board met Sunday for a conversation about Takeover Offer from Elon Musk A possible introduction to negotiations with the Tesla CEO about next steps.

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

“Twitter reevaluates Musk’s offer, may be more open to business” was the magazine’s headline throughout Sunday afternoon and evening, sparking fresh speculation about Twitter’s future.

New York times story progressed A few hours later the magazine reported by initially reporting the Twitter board meeting “Sunday morning to discuss” Musk’s offer, adding that “the Twitter board intends to meet with Mr. Musk’s side later on Sunday to discuss other features around a potential deal.”

None of the people involved have commented on the meetings. But Musk’s filing with the Securities and Exchange Commission last Thursday, saying he raised $46.5 billion to fund the deal, appears to be the driving factor.

“Twitter is taking a fresh look at the offer and is more likely than ever to seek negotiation,” Wall Street Journal reporter Kara Lombardo wrote, adding that “the situation is moving fast.”

Big One Unknown: What is Twitter’s board of directors’ assessment of the company’s value? Is it on the same playing field as Musk?

Dan Ives of Wedbush Securities She said Sunday said that “the street will read this news today as the beginning of the end for Twitter as a public company with Musk likely now on the path to a takeover of the company unless a second bidder gets into the mix. The board can formally reject Musk’s offer and then hostile bidding begins.”

Twitter — which is currently trading around $49 a share, less than Musk’s offer of $54.20 a share — is set to report first-quarter earnings Thursday afternoon. The company will have to tackle Musk’s offer by then, if not sooner.

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And the only statement issued by the company on Sunday evening was as follows: “As previously announced, the Board of Directors continues to conduct a careful, comprehensive, and considered review to determine a course of action in the interest of the company and all Twitter shareholders.”