Days after Elon Musk offered to buy Twitter, the microblogging site is nearing a deal to sell itself to the Tesla CEO for $54.20 per share in cash, reports said.
$54.20 per share is the price that Elon Musk had originally offered to the social media company and called his 'best and final', Reuters quoted people familiar with the matter.
Elon Musk earlier said that he has lined up $46.5 billion in financing to buy Twitter, and he's trying to negotiate an agreement with the company.
Last week, Musk announced an offer to buy the social media company for $54.20 per share, or about $43 billion. At the time, he did say how he would finance the acquisition.
The Tesla CEO says Thursday in documents filed with US securities regulators that he's exploring what's known as a tender offer to buy all of the social media platform's common stock for $54.20 per share in cash.
Under a tender offer, Musk, who owns about 9% of Twitter shares, would take his offer directly to other shareholders, bypassing the board. But Musk hasn't decided yet whether to do that. The documents say Twitter has not responded to Musk's proposal.
Last week Twitter's board adopted a “poison pill” defence that could make a takeover attempt prohibitively expensive.
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