UPDATE 3:51 p.m.: Twitter announced Monday afternoon that it has “entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.”
According to a statement released by Twitter, “upon completion of the transaction, Twitter will become a privately held company,” and stockholders will receive $54.20 per share, a 38% premium to Twitter’s closing stock price on April 1, 2022.
“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing,” Bret Taylor, Twitter’s independent board chair, said in a statement. “The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
For our VIP members: It’s All Over But the Shrieking
Original report:
After weeks of resistance, Twitter appears on the verge of being sold to Tesla CEO Elon Musk for $43 billion in cash. Musk called the price his “best and final” offer.
Some on the Twitter board originally dismissed his $54.20/share proposal, claiming it was too low, but they’ve clearly figured out that they’ll never get that much money ever again, and have warmed up to Musk’s offer, paving the way for the platform, which has long been dogged by accusations of censorship, to become a more pro-free-speech platform. Musk became the company’s largest shareholder earlier this month.
“The deal would come just four days after Musk unveiled a financing package to back the acquisition,” reports Reuters. “This led Twitter’s board to take the deal more seriously and many shareholders to ask the company not to let the opportunity for a deal to slip away.”
A deal could be agreed to as early as Monday. This comes just over a week after the board adopted a “poison pill” plan to thwart Musk’s takeover attempt.
Angry leftists have managed to get “RIP Twitter” to trend on the platform, as the prospect of Twitter being open to different points of view has triggered them.
This story is developing.
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