Twitter looks at Elon Musk’s offer again, could close deal this week

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In context, the ongoing saga of Elon Musk becoming the new owner of Twitter could end this week in success for the world’s richest person. A new report claims the company is now re-examining Musk’s $43 billion bid after it was expected to turn down the offer and even use a poison pill strategy to make the hostile takeover more difficult.

Musk’s bid to buy Twitter is fraught with the kind of controversy that constantly surrounds the Tesla boss. From its initial 9.2% acquisition earlier this month and the lawsuit, to being turned down from a board seat and making a multi-billion dollar offer.

It appeared that Twitter was so opposed to Musk’s takeover that it was preparing to launch a “poison pill” strategy that would allow existing shareholders (other than Musk) to buy more shares at a discount, causing the shares to dilution and the acquirer’s shares would depreciate. This would make the takeover more expensive and help protect against a hostile takeover.

But it appears Musk’s confirmation to the Securities And Exchange Commission (SEC) that he raised $46.5 billion in funding to buy Twitter has changed the company’s position and is “taking a fresh look” at it. offer, according to the Wall Street Journal. Some shareholders reportedly want Twitter to seek a better deal from Musk, though he previously insisted his $54.20 per share offer was his “best and last” offer.

Musk held a face-to-face meeting with several shareholders on Friday to argue his case, and several shareholders are now reportedly backing his offer. One problem he faces is that Twitter wants to know more about any active regulatory investigations into Musk, including any investigation by the SEC.

Twitter will announce its first quarter results on Thursday. It could announce its decision on Musk’s offer on the same day, if not sooner.

Twitter’s stock price hit its year-to-date high – $50.98 – following news of Musk’s investment. It had since fallen, but rose to $48.93 on Friday, meaning its bid is 10% above its current price.

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