Many shareholders have asked the social media company not to let this opportunity slip away
Twitter has not been able to secure so far a ‘go-shop’ provision under its agreement with Musk that would allow it to solicit other bids once the deal is signed, the sources said. Still, Twitter would be allowed to accept an offer from another party by paying Musk a break-up fee, the sources added.
The sources requested anonymity because the matter is confidential. Twitter and Musk did not immediately respond to requests for comment.Article contentMusk has said Twitter needs to be taken private to grow and become a genuine platform for free speech. The deal would come just four days after Musk unveiled a financing package to back the acquisition. This led Twitter’s board to take the deal more seriously and many shareholders to ask the company not to let the opportunity for a deal to slip away, Reuters reported on Sunday.
The sale would represent an admission by Twitter that its new chief executive Parag Agrawal, who took the helm in November, is not making enough traction in making the company more profitable, despite being on track to meet ambitious financial goals the company set for 2023. Twitter’s shares were trading higher than Musk’s offer price as recently as November.
Musk’s negotiating tactics – making one offer and sticking with it – resembles how another billionaire, Warren Buffett, negotiates acquisitions. Musk did not provide any financing details when he first disclosed his offer for Twitter, making the market skeptical about its prospects.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter under shareholder pressure to seek deal with Elon Musk, sources sayTwitter’s board is expected to find that Musk’s all-cash $54.20 per share offer for the company is too low by the time it reports quarterly earnings on Thursday
Read more »
Carbon-capture technology wins B.C. company a million-dollar prize backed by Elon Musk’s foundationA company spun off from, and partnered with, the University of British Columbia has won a $1-million (U.S.) prize it will use to continue research and development of technology for increasing carbon capture at mine sites.
Read more »