People familiar with the situation said Twitter Inc is finalising an agreement to sell itself to Elon Musk for $54.20 per share in cash, the amount he first gave to the social media firm and referred to as his 'best and last' offer.
According to the sources, Twitter may announce the $43 billion acquisition later on Monday when its board of directors meets to endorse the transaction to Twitter shareholders. The agreement might potentially fall apart at the last minute, according to the sources. According to the sources, Twitter has not been able to negotiate a 'go-shop' option in its agreement with Musk that would allow it to accept further bids from possible acquirers once the transaction is finalised. Despite this, Twitter would be able to accept an offer from another party if it paid Musk a break-up fee, according to the sources.
Musk, the CEO of electric carmaker Tesla, has been meeting with Twitter shareholders in recent days to seek backing for his takeover attempt. He believes that in order for Twitter to thrive and become a true venue for free speech, it has to be turned private. Following Musk's presentation of a comprehensive funding plan for his proposal, several Twitter shareholders contacted the company, urging it not to let the chance for a merger pass them by.
He has recommended a variety of reforms to the platform in recent weeks, ranging from loosening content restrictions — such as the ones that terminated former President Donald Trump's account — to resolving the platform's issues with phoney and automated accounts.