Twitter said to be close to a deal with Elon Musk

Twitter’s board met on Sunday to discuss Musk’s offer, and the NYT reports that they then entered into negotiations with Musk early on Monday morning to hammer out additional details, including the timeline for close and what, if any, financial protections Twitter would enjoy were any potential deal to go south post-announcement.

Both reports stress that the deal is not yet final and could still fall apart, but given where we started it’s kind of amazing that it has even gotten this far. Musk’s bid was initially seen by critics as undervaluing the company significantly, despite it representing a premium on the current, depressed Twitter stock price, and the board even instituted a “poison pill” policy to try to block Musk from acquiring a much more significant ownership position in the company.

source
News Wire

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