Twitter is in discussions over a sale to Elon Musk after he put together a $46.5bn (£36.4bn) funding package to acquire the social media platform, according to reports.
The Twitter board had initially signalled its opposition to Musk by adopting a so-called poison pill defence against any unwanted takeover approach.
It appears to have changed its mind after Musk filed details of funding for his bid on Thursday, which was reportedly followed by meetings between the Tesla chief executive and Twitter shareholders.
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Twitter is nearing a deal with Musk, the world’s richest man, and the discussions include the timeline for a transaction and the size of any fees paid should the sale process fall apart, according to the New York Times.
A deal could be finalised this week and in recent days Musk has told the Twitter chairman, Bret Taylor, that he will not move on his $54.20 a share offer that values the business at $43bn, according to the Wall Street Journal.
“[Wall] Street will read this news … as the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix,” said Dan Ives, an analyst at US financial firm Wedbush Securities.
Musk also flagged a potential hostile bid last week when he confirmed he was considering a tender offer for the shares in Twitter that he does not own, which would mean going around the company’s board or, in investment jargon, going “hostile”. (Guardian)
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