Twitter and Elon nearing reality
Twitter's board convened to review Elon Musk's takeover bid Sunday, and the two sides also met to negotiate in what could be the final stages of a deal, according to multiple reports.
Why it matters: Musk manifested something via tweets, as a recent Twitter ad campaign coincidentally celebrated. Although, the bid to take Twitter private could still fall apart.
Details: Twitter's 11-person board met Sunday to discuss the offer and then negotiated with Musk "into the early hours" Monday, the New York Times reported.
- The Wall Street Journal earlier reported on Sunday's board meeting, writing that Musk's speedy financing plan for his bid and the recent market selloff likely contributed to the board being more receptive.
- Among the discussion topics was a timeline to close the deal and the termination fees if the deal was signed but then fell apart.
- A deal could be finalized this week, the Journal wrote, and reports Monday morning suggested it could be Monday. Twitter declined to comment.
- Twitter's stock was up by nearly 4% at 10am ET, trading around $50. The stock has been trading well below Musk's offer price of $54.20 per share.
What's next: Twitter reports its first-quarter earnings on Thursday.
The bottom line: "Mergers are never done until the ink is dry, so this still may fall apart for a whole host of reasons. Particularly if [Monday] morning's leaks are, in part, to gauge internal and external sentiment. But, as we noted on Friday, Musk has a habit of hitting his moonshots. And this one feels closer than ever." — Dan Primack, Axios