Twitter ‘in takeover talks with Elon Musk’ after strain from shareholders | Twitter

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Twitter started negotiations with Elon Musk on Sunday after he wooed shareholders with financing particulars on his $43bn acquisition provide, individuals accustomed to the matter stated.

The corporate’s determination to have interaction with Musk, taken earlier on Sunday, didn’t imply it could settle for his $54.20 a share bid, the sources stated. It signified, nonetheless, that Twitter was exploring whether or not a sale to Musk was attainable on enticing phrases.

Musk, chief govt of Tesla, has been assembly with Twitter shareholders in the previous couple of days searching for help for his bid. He has stated Twitter must be taken non-public to develop and change into a real platform without spending a dime speech.

Shareholders pushed Twitter to carry talks after Musk outlined an in depth financing plan for his bid on Thursday and urged it to not let the chance for a deal slip away.

Musk’s insistence that he was making his “finest and closing” bid was a hurdle in negotiations, the sources stated, however the board had determined to have interaction with Musk to collect extra info and doubtlessly get higher phrases.

Twitter wished to know extra about any lively investigations by regulators into Musk, together with by the US Securities and Alternate Fee (SEC), that might pose a threat to the deal, one of many sources instructed Reuters.

Securities legal professionals say that Musk – who settled expenses that he misled buyers by suggesting 4 years in the past he had secured funding to take Tesla non-public – might have breached SEC disclosure guidelines as he amassed a stake in Twitter earlier this 12 months.

Twitter was additionally wanting into whether or not regulators in any of its main markets would object to Musk proudly owning the corporate, the supply added. Have been Twitter to determine {that a} sale to Musk could be dangerous, it might ask for a sizeable breakup price, in response to the sources.

The social media firm adopted a poison capsule after Musk made his provide, to stop him elevating his greater than 9% stake within the firm above 15% with out negotiating a take care of the board. In response, Musk threatened to launch a young provide that he might use to register shareholder help for his bid.

A priority that Twitter’s board weighed was that until it sought to barter a take care of Musk, many shareholders might again him in a young provide, the sources stated. Whereas the poison capsule would stop them tendering their shares, the corporate was fearful that its negotiating hand would weaken significantly if it was proven to be going towards the desire of lots of its buyers.

Representatives for Twitter and Musk didn’t instantly reply to requests for remark.

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