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Elon Musk, Twitter Said to Meet on Takeover Offer

And so while the Twitter board initially adopted a poison pill strategy has there been a change.

Yeah it certainly looks that way.

Now this meeting comes just days after Elon Musk filed his financing plan that made his hostile bid very real.

And there are reports who also met with key Twitter shareholders and people close to the matter are telling Bloomberg that Twitter is generally more receptive now to discussing a deal than it was previously.

Of course we’re not getting a direct comment from Twitter.

Now The Wall Street Journal quoted people close to the matter earlier as saying Musk did meet privately over Xoom with shareholders to pitch his proposal.

The paper also said Musk had told Twitter chairman Bret Taylor in recent days that he will not adjust his 50 Ford 20 a share offer when he made his bid back on April 14.

He had called it his best and final.

Now observers note the financing detailed in the regulatory filing was a key step.

Musk famously got in hot water and lost a lot of credibility for tweeting.

He had secured funding back in 2018 when he tried to take Tesla private.

You’ll note Twitter shares are trading about 10 percent below Musk’s offer price.

Some observers show that to say that means there’s some skepticism still about the success of a deal going through.

And soon we’ve learned a little bit more about how Musk managed to quickly get a dozen banks to back him.

What do we know.

Well we know he was very enthusiastic.

No surprise there.

Bloomberg has learned that the financing came together very quickly over a couple of days during the holiday weekend the Easter Passover holiday weekend and that there was a slideshow that Musk had presented to several of the big lenders in a Xoom call.

He was apparently on a Bloomberg has also learned according to those close to the matter that must plan for loading Twitter with more debt without tipping its credit rating into the deepest levels for junk was a very crucial factor in getting the banks to bet on this unsolicited bid.

We do know that Mosk shared some of his views on how he might run Twitter.

We don’t have full details.

There has not a lot been shared publicly about what Musk would do.

We do know that he favors authenticating certain users.

He’s talked about how board members would not be paid any money.

And we also know that he favors no censorship and is big on freedom of speech.

But no details on how he would actually run Twitter if his bid succeeds have been revealed publicly at this point.

 

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