Twitter is reportedly prepared to accept Elon Musk’s offer to buy the company for $54.20 per share.
The deal could be reached today if negotiations go smoothly, Bloomberg has reported.
EXCLUSIVE-TWITTER INC POISED TO ACCEPT ELON MUSK'S $54.20 PER SHARE OFFER AS THE PRICE AT WHICH THE COMPANY IS SOLD-SOURCES$TWTR
— *Walter Bloomberg (@DeItaone) April 25, 2022
Last week, it was reported that Mr Musk had secured the funding for the deal, after he bought more than 9 per cent of Twitter, making him the biggest company’s biggest shareholder on 9 April.
On 14 April, Musk announced an offer to buy the social media platform for about $43 billion. The billionaire has commitments from Morgan Stanley and other financial institutions, he said in documents published by the US Securities and Exchange Commission, pushing back against rumours that he did not have enough liquid cash to make the deal.
Twitter had originally enacted an anti-takeover measure known as a poison pill that could scuppor a takeover attempt by making it too expensive, but apparently decided to negotiate following an updated proposal from Mr Musk.
The board apparently wants to know if there are any more active investigations into Mr Musk from regulators like the SEC that could stop the deal falling through, and if Mr Musk buying the company would be too great a risk, there could be a break-up fee for Twitter.