Twitter is reviewing the purchase proposal made by Elon Musk, and discussions are taking place between the two camps on Sunday, after the boss of Tesla said on Thursday that he had secured the sum necessary for this transaction, 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 believes, citing close sources.
The boss of Tesla had indicated Thursday that he had secured nearly 46.5 billion dollars (44.5 billion francs) to finance this transaction, but also that he planned to go directly through the shareholders of Twitter 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 reached 15% of Twitter’s capital on the stock market. He currently owns 9.2%.
Potential turnaround
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”.
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 unfriendly purchase.
Waiting for Thursday
Twitter could speak on Thursday, when releasing its first quarter results, or even before, according to these sources, a response that ‘could leave the door open to other offers or negotiate with Mr. Musk on other terms. 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 then offered Mr. Musk to join its board of directors, but the multi-billionaire declined the offer.
/ATS