Social media behemoth Twitter appears set to accept Elon Musk’s offer to buy out the company, reports noted on Monday.
“Twitter Inc is nearing a deal to sell itself to Elon Musk for $54.20 per share in cash, the price that he originally offered to the social media company and called his ‘best and final’, people familiar with the matter said,” Reuters .
“Twitter may announce the $43 billion deal later on Monday once its board has met to recommend the transaction to Twitter shareholders, the sources said. It is always possible that the deal collapses at the last minute, the sources added,” the report continued.
“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 from potential acquirers 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 report added.
BREAKING: Twitter set to accept Elon Musk's 'best and final' offer
— Benny Johnson
On Sunday, reports noted that Twitter’s board had changed course on Musk’s multi-billion dollar offer to buy out the social media company.
Last week, Musk disclosed in a Securities and Exchange Commission filing that he has secured the money to buy Twitter outright.