Twitter’s board of directors met on Sunday to discuss the takeover of Elon Musk, a potential prelude to talks with Tesla’s chief executive over next steps.
A person familiar with the matter confirmed that the board meeting took place on Sunday and said discussions on Musk’s offer had become serious.
“Twitter overestimates Musk’s offer, may be more open to a deal” was the magazine’s headline for most of Sunday afternoon and evening, sparking new speculation about Twitter’s future.
The New York Times expanded on the story a few hours after the newspaper reported that Twitter’s board initially met “on Sunday morning to discuss” Musk’s offer, adding that the Twitter board plans to meet with Mr. n Musk later Sunday to discuss other outlines around a potential deal. “
None of those involved commented on the meetings. But Musk’s submission to the SEC last Thursday, which says he has sorted out $ 46.5 billion in funding for the deal, seems to be the driving force.
Wall Street Journal reporter Kara Lombardo wrote that “Twitter is reviewing the offer and is more likely than before to seek negotiations,” adding that “the situation is evolving rapidly.”
One big uncertainty: What is the Twitter board’s assessment of the company’s value? Is he in the same stadium as Musk?
Dan Ives of Wedbush Securities said on Sunday that “Street will read this news today as the beginning of the end of Twitter as a public company, and Musk is probably now on the verge of acquiring the company unless a second candidate joins. The board may formally reject Musk’s offer, and then a hostile auction will begin. “
Twitter – currently trading around $ 49 per share, lower than Musk’s offer of $ 54.20 per share – should report earnings for the first quarter on Thursday afternoon. The company will have to respond to Musk’s offer by then, if not before.
On Sunday night, the company’s only statement was: “As previously announced, the Board continues to conduct a careful, comprehensive and deliberate review to determine the course of action in the best interests of the Company and all shareholders on Twitter.”
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