Brendan Smialowski | Afp | Getty ImagesTwitter shares jumped more than 5% in the premarket Monday on reports the company is nearing a deal with Elon Musk. Musk earlier this month offered to buy Twitter for $54.20 a share, or about $43 billion. The social media company had been expected to decline a deal and had adopted a so-called “poison pill” to fend off a potential hostile takeover.However, Twitter became more receptive to a bid after Musk revealed he secured $46.5 billion in financing.Twitter’s board had met Sunday to discuss Musk’s financing plan for his proposed bid, a source close to the situation told CNBC. The person said the board is looking for other offers and the company could provide an update by the time it reports its latest financial results Thursday, if not before.This is breaking news. Please check back for updates.