Twitter is reviewing the purchase proposal made by Elon Musk, and discussions took place on Sunday April 24 between the two camps, according to the Wall Street Journal. “Twitter is taking a fresh look at the offer and is more likely than before to seek to negotiate,” the business daily said, citing close sources. The boss of Tesla had indicated Thursday that he had secured nearly 46.5 billion dollars to finance this transaction, but also that he was considering going directly through Twitter shareholders to buy the social network.
Twitter’s board of directors had opposed the acquisition by adopting a so-called “poison pill” clause to make the takeover more difficult if it reaches 15% of Twitter’s share capital on the stock market. He currently owns 9.2%. Also according to these sources, “the potential reversal on the part of Twitter comes after Mr. Musk met privately with several shareholders of the company on Friday”. He “also undertook to find a solution to the problems of freedom of expression (…), whether his offer is accepted or not”, it is specified. Elon Musk said he wanted to make Twitter “the platform for freedom of expression in the world”.
Twitter could soon express itself
The Tesla boss has “emphasized actively managed funds, these sources said, in hopes they could sway the company’s decision.” He had indicated Thursday that he was considering going directly through Twitter shareholders to buy back their shares, without going through the board of directors (CA), but had not confirmed that he could have recourse to a public offer of hostile purchase. Twitter could speak Thursday, April 28, when releasing its first quarter results, or even before, according to these sources, a response that “could leave the door open for other offers or negotiate with Mr. Musk on conditions other than the price”.
Elon Musk has also “reiterated in recent days to the president of Twitter, Bret Taylor, that he would not budge from his offer of 54.20 dollars per share” formulated on April 14, the Wall Street Journal still believes. Twitter had offered Elon Musk to join its board of directors, but the multi-billionaire had declined the offer.