Wednesday, May 18, 2022
HomeTechnologyMusk to explore potential tender offer for Twitter, has $46.5B in committed...

Musk to explore potential tender offer for Twitter, has $46.5B in committed financing for deal

Tesla and SpaceX CEO Elon Musk at Tesla’s “Gigafactory” on March 22, 2022 in Gruenheide, southeast of Berlin.Patrick Pleul | AFP | Getty ImagesElon Musk is exploring whether to commence a tender offer for Twitter, according to a new securities filing. The updated filing published on Thursday says Musk has received commitments for $46.5 billion to help finance the potential deal. Musk has not yet determined he will make a tender offer for Twitter or whether he will take other steps to further the proposal, the filing states. Tender offers involve making a bid to purchase some or all shares of a company directly from its shareholders. Last week, Musk offered to buy Twitter for $54.20 a share, or about $43 billion. On Friday, Twitter adopted a limited duration shareholder rights plan, often referred to as a “poison pill,” in an effort to fend off a potential hostile takeover.Musk, who’s CEO of Tesla and SpaceX, in recent weeks has amassed a more than 9% stake in the company. Twitter then extended an offer to Musk to join the board, but on the condition that Musk couldn’t buy more than 14.9% of the firm. Musk reversed course and instead made a bid to take Twitter private.This is breaking news. Please check back for updates.

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