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Two sides are expected to meet today to discuss Musk’s offer after the billionaire disclosed that he has secured $46.5 billion in financing. This move from Musk has forced Twitter’s board to re-examine the offer.
The situation is ‘fast-moving,’ according to the WSJ. The Twitter board took note of the speed at which Musk managed to secure the financing needed to complete the deal as well as the recent market selloff.
Moreover, Musk reportedly met with several shareholders on Friday to discuss his offer and reiterated that the board has a “yes-or-no” decision to make.
“He has an established track record at Tesla (NASDAQ:TSLA). He is the catalyst to deliver strong operating performance at Twitter,” Thrivent Asset Management growth fund’s manager Lauri Brunner told the WSJ.
Thrivent has a 0.4% stake in Twitter.
The report also noted that Twitter is still examining its valuation and how it relates to Musk’s offer of $54.20 per share. One of the options discussed is a breakup fee should the deal fall apart.
Twitter is due to report quarterly earnings on Thursday and will likely discuss the bid then, if not earlier. According to WSJ, Musk informed Twitter’s chairman Bret Taylor that he won’t walk away from his offer.
By Senad Karaahmetovic
