New Delhi: Twitter, which has kicked off negotiations with Telsa Chief Executive Officer (CEO) Elon Musk on Sunday, is inching closer to seal the deal with the SpaceX founder for $54.20 per share in cash, quoting sources, news agency Reuters reported on Monday.
According to the report, the price that Musk originally offered to the social media company called his ‘best and final’, sources have said. Reuters in a tweet has shared the information.
The micro-blogging site may announce the $43-billion deal later on Monday once the Twitter board gives final approval, sources said, adding that there are chances the deal may collapse at the last minute.
According news reports, Twitter was exploring whether selling off the company to Musk is possible on attractive terms.
Sources said that so far, Twitter has not been able to secure a ‘go-shop’ provision under its agreement with Musk that would allow it to solicit other bids from potential acquirers once the deal is signed.
The report mentioned that still Twitter would be allowed to accept an offer from another party by paying Musk a break-up fee.
On the other hand, the Telsa chief, who was eyeing his bid, has been holding meetings with Twitter shareholders’. He maintained that the social media platform should go private in order to grow and become a genuine space for free speech.
50-year-old Musk has been completely outspoken about changes he’d like to see in Twitter. Musk, who joined the platform in 2009, has over 8 crore followers. He prolifically uses Twitter and makes several announcements.
Twitter and Musk did not respond to requests for comment from Reuters.