Twitter Accepts Elon Musk’s $44 Billion DealAfter rebuffing Elon Musk’s initial overtures, Twitter’s board on Monday said it will
take Musk’s $44 billion offer for the company.
Musk first proposed the
$54.20-a-share transaction on April 14, igniting a frenzied few weeks as Twitter leaders and Wall Street rushed to figure out whether Musk was serious or not. As it turns out, he very much is.
Twitter at first moved to ward off Musk,
adopting a poison pill defense meant to make any takeover attempt costly. But Twitter has reportedly been under increased
pressure by large shareholders to more fully consider Musk’s bid.
Twitter
shares rose 5.5% to $51.63 on Monday as investors digested the board’s decision. There remains a gap between the share price and Musk’s offer, a signal investors still believe there’s a possibility
something fouls up the deal, which the company expects to close later this year.
