The deal is expected to close sometime this year. But before that, shareholders still have to weigh in, as well as regulators in the U.S. and in countries where Twitter does business, before the deal is completed.
OFFER ACCEPTED, NOW WHAT?
The process is off to a good start for Musk, given that Twitter’s board has unanimously approved his offer and is recommending shareholders do the same.
Upon announcing the deal, Twitter noted that the bid, which represents a 38% premium to the company’s closing stock price on April 1, is a “substantial cash premium” and would be “the best path forward for Twitter’s stockholders.”
When Twitter’s board adopted an anti-takeover provision known as a “poison pill” just 10 days ago, the move was widely seen as a telltale sign that the directors were gearing up to rebuffMusk’s opening offer or perhaps seek another suitor willing to pay more.
But the battleground shifted dramatically late last week when Musk disclosed he had lined up $46.5 billion — including $21 billion of his personal fortune — to pay for the purchase. Musk said other investors could contribute to the financing.
The locked-in financing not only underscored the seriousness of Musk’s pursuit, but also appeared to open the door to other large Twitter shareholders interested in hearing more about his plans for the San Francisco company.
The details of those conversations aren’t known, but Musk could point to a more than 20-year history building and running several businesses — most notably as the longtime CEO of Tesla. The electric car maker is currently valued at $1 trillion -- roughly 25 times more than Twitter.
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