Twitter shares jumped 5% on reports that they could accept Elon Musk’s bid as early as Monday

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Twitter shares rose more than 5% in the pre-market due to reports that the company is approaching a deal with Elon Musk, which could be announced as soon as Monday.

Musk offered to buy Twitter earlier this month for $ 54.20 per share, or about $ 43 billion. The social media company was expected to reject an agreement and had adopted a so-called “poison pill” to ward off a potential hostile takeover. However, Twitter became more receptive to a bid after Musk revealed he secured $ 46.5 billion in funding.

Twitter’s board had met Sunday to discuss Musk’s financing plan for his proposed bid, a source close to the situation told CNBC.

Bloomberg News and Reuters reported that the two parties could reach an agreement as soon as Monday. The board negotiated with Musk in the early hours of Monday, according to The New York Times.

It is unclear what a final deal could look like, and Reuters reported on Monday that a deal could still fall apart. Twitter has not been able to secure a “go-shop” deal yet, which would allow it to look for other bids when signing a deal, according to Reuters. The company could still accept another bid if he pays Musk a break-up fee, it added.

Twitter declined to comment. Tesla shares fell more than 3% in the pre-market.

The Tesla and SpaceX CEO has been on a tear for acquiring the company with social media. He had built up more than 9% in stock and turned down an offer to join the board before making a bid for the company.

Musk has argued that Twitter should be “transformed” into a private company so that it can become a forum for free speech. So is he said that the interests of Twitter’s board members are “simply not in line with the shareholders”, and that the board “has almost no shares” in the company.

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