Twitter board to evaluate Musk’s ‘unsolicited, non-binding’ $43 bn offer
Twitter on Thursday said it will carefully review the “unsolicited, non-binding” proposal from Tesla CEO Elon Musk to acquire the micro-blogging platform for more than $43 billion.
The micro-blogging platform said in a statement, “The Twitter Board of Directors will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
Tesla CEO Elon Musk is believed to have made his “best and final” offer of $54.20 per share in cash to buy 100 percent of Twitter, in an updated filing with the US Securities and Exchange Commission (SEC).
The micro-blogging platform’s shares soared nearly 18 percent in pre-market trading after the news broke. Musk offered to “acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share,” read the filing.
This is a 38 percent premium over the closing price of Twitter on April 1, 2022, the trading day before Musk’s investment in Twitter was publicly announced.
Musk said in the filing, “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.”
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”
In a letter to Twitter’s board, Musk said he believes Twitter “will neither thrive nor serve societal imperative in its current form”. “If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder,” he added.
Earlier this week, Musk had abandoned the plan to join Twitter’s board, just as his tenure was about to start said the CEO of Twitter, Parag Agrawal.
[With Inputs from IANS]
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