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Twitter Inc is nearing a deal to promote itself to Elon Musk for $54.20 per share in money, the value that he initially provided to the social media firm and known as his ‘finest and last’, folks accustomed to the matter mentioned.
Twitter could announce the $43 billion deal afterward Monday as soon as its board has met to suggest the transaction to Twitter shareholders, the sources mentioned. It’s at all times doable that the deal collapses on the final minute, the sources added.
Twitter has not been in a position to safe to this point a ‘go-shop’ provision below its settlement with Musk that might permit it to solicit different bids from potential acquirers as soon as the deal is signed, the sources mentioned. Nonetheless, Twitter could be allowed to simply accept a suggestion from one other celebration by paying Musk a break-up payment, the sources added.
Twitter and Musk didn’t instantly reply to requests for remark.
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The billionaire, who’s Twitter’s second-biggest shareholder with a 9.1% stake, is planning to launch a young supply in about 10 days and has tapped Morgan Stanley to lift one other $10 billion in debt.
Musk himself has dedicated to place up $33.5 billion, which is able to embody $21 billion of fairness and $12.5 billion of margin loans in opposition to a few of his Tesla Inc. shares to finance the transaction. He’s chief government officer of automotive firm Tesla.
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