Twitter Inc is close to agreeing to sell the social media business to Elon Musk for roughly $43 billion in cash, the sum Elon Musk, the CEO of Tesla Inc, has described as his “best and last” offer for the company, according to individuals familiar with the issue.
Twitter may announce the $54.20-per-share agreement later Monday, sources said, when its board of directors meets to endorse the transaction to Twitter shareholders. The sources cautioned that the arrangement may potentially collapse at the last minute.
Mr. Musk, the world’s wealthiest person according to Forbes, is negotiating to acquire Twitter on a personal basis; Tesla is not a party to the transaction.
According to the sources, Twitter has been unable to get a ‘go-shop’ provision in its agreement with Mr. Musk that would allow it to solicit more bids once the contract is completed. However, Twitter would be permitted to accept an offer from another party in exchange for paying Elon Musk a break-up fee, according to the sources.
Twitter shares were up 4.5 percent to $51.15 in New York pre-market trade on Monday. Mr. Musk has stated that Twitter must be privatized in order to flourish and develop into a genuine forum for free speech.
Elon Musk announced the agreement just four days after announcing a financing package to support the acquisition. This prompted Twitter’s board of directors to take the purchase more seriously and many shareholders to urge the firm not to let the deal chance pass them by, Reuters reported on Sunday.
The sale would be an admission by Twitter that its new CEO Parag Agrawal, who joined the helm in November, is not making enough progress toward profitability, despite the fact that the business is on schedule to fulfill its lofty financial targets for 2023. As recently as November, Twitter’s shares were trading above Mr. Musk’s offer price.
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