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Tesla CEO Elon Musk gestures as he arrives to visit the construction site of the future US electric car giant Tesla, on Sept. 3, 2020 in Gruenheide near Berlin. (Photo credit: ODD ANDERSEN/AFP via Getty Images) The Wall Street Journal reported Monday that Twitter’s senior management and Elon Musk have agreed on terms for Musk’s proposed takeover of the social media platform.
Musk had announced on April 21 that he had $46.5 billion lined up — half in cash, half financed by his bankers Morgan Stanley, Barclays, and Bank of America — for a purchase of the company. Musk was offering $54.20 per share for the takeover at a time when Twitter’s stock price was In the midforties. This followed a spending spree that began in early 2022 and resulted in Musk owning more than 9 percent of the company. Musk was soon thereafter offered a seat on the Twitter board.
Yet the board seat, as offered, would also have limited Musk’s ability to acquire more shares, and Musk rejected it. So, now with a takeover offer on the table, Musk has stated he plans to take the publicly traded company private.
The board’s openness to the takeover — a new development over the weekend — signals quite a change of heart. Twitter’s management initially rejected Musk’s offer as a hostile takeover and began looking for ways to prevent the sale. The company even began exploring a so-called poison-pill option. This strategy, also called a shareholder rights plan, is a means of preventing hostile takeovers by stockholders like Musk .
So why did the board change its mind? One reason might be that the opposition to the takeover was ideologically motivated, rather than something seen as in the best interests of the stockholders. The ideological element apparently stems from the fact Musk has […]
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