Twitter is taking another look at Elon Musk’s $43 billion takeover offer, with the two sides set to meet Sunday to discuss the matter, The Wall Street Journal reported Sunday.
The social media giant had been expected to turn down Musk’s offer, made April 14. The next day its board adopted a measure that would shield it from hostile acquisition bids, a move often referred to as swallowing a “poison pill.”
But when Musk, the world’s richest man, announced earlier this week that he’d lined up financing for the bid—nearly $26 billion from more than 12 investment banks, and another $21 billion from his personal war chest, Bloomberg reported—Twitter began reconsidering, The Journal reported.
Twitter is expected to speak to the bid on Thursday, when it reports its first quarter earnings, or sooner, The Journal added, citing people familiar with the matter.
Musk already owns 9% of Twitter. The nearly $47 billion he lined up is about $9 billion more than what he would need to acquire the other 91%, according to Bloomberg calculations.
Musk and several Twitter shareholders met privately Friday, with Musk emphasizing the board’s need to make a “yes or no” decision, according to The Journal.
Sign up for the Coins2Day Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.
