Twitter is in the final stages of negotiating a $ 43 billion sale to Elon Musk, which could be ranked as one of the largest acquisitions of a listed company to date.
The social media company is working to resolve the terms of a transaction and can reach an agreement as early as Monday if negotiations go smoothly, according to the people who asked not to be identified because the information is private. Musk is lining up partners for the acquisition and continues to talk to potential co-investors, one of the people said.
Discussions between billionaire Tesla founder and Twitter’s board about a $ 54.20-per-share takeover continued overnight in the early hours of Monday, people said. Shares of Twitter rose as much as 6.2% in pre-market trading in the US on Monday, hitting as high as $ 51.98.
Twitter began warming up for a potential deal after Musk unveiled a financing plan for the unsolicited bid that included backing from Morgan Stanley and other institutions. The situation is fluid and conversations can drag on or fall apart, people said.
The Wall Street Journal has reported that the parties were able to reach an agreement as early as this week, citing unidentified individuals.