Twitter kicks off deal negotiations with Elon Musk after he wooed many of the social media company's shareholders with financing details on his $43 billion acquisition offer, sources say $TWTR
Many Twitter shareholders reached out to the company after Musk outlined a detailed financing plan for his bid on Thursday and urged it not to let the opportunity for a deal slip away, Reuters reported earlier on Sunday.Musk's insistence that his bid for Twitter is his "best and final" has emerged as a hurdle in the deal negotiations, the sources said.
Securities lawyers say that Musk, who settled charges that he misled investors by suggesting four years ago he had secured funding to take Tesla private, may have breached SEC disclosure rules as he amassed a stake in Twitter earlier this year.Twitter is also looking into whether regulators in any of the major markets it operates would object to Musk owning the company, the source added.
While the poison pill would prevent Twitter shareholders from tendering their shares, the company is worried that its negotiating hand would weaken considerably if it was shown to be going against the will of many of its investors, the sources added.The Wall Street Journal reported earlier on Sunday that Musk and Twitter would meet to discuss the acquisition offer.
"I don't believe that the proposed offer by Elon Musk comes close to the intrinsic value of Twitter given its growth prospects," Saudi Arabia's Prince Alwaleed bin Talal, a Twitter shareholder, tweeted on April 14.
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