Elon Musk has made an irresistible offer to acquire Twitter. That’s what he wrote on twitter. Looks like he has launched an aggressive takeover bid for Twitter, affirming it was a “best and final offer” and that he was the only person suitable of unlocking the full potential of the micro-blogging platform.
Elon Musk offered $54.20 a share, which values the social media firm at $43.4 billion, in a filing dated Wednesday April 13 with the Securities and Exchange Commission.
Twitter’s board said it would carefully review what it termed Musk’s “unsolicited, non-binding” offer and decide on a course of action that was “in the best interest of the Company and all Twitter stockholders.”
Musk’s latest move toward Twitter comes just days after he turned down a seat on the board following his acquisition of a 9.2 percent stake in the microblogging platform.
Elon Musk Believes in Twitter’s Potential Much More than Ever
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk said in his filing.
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he said.
“Twitter needs to be transformed as a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter.”
Musk, Twitter’s biggest shareholder, said his “offer is my best and final offer” and he would reconsider his position as a shareholder if it was rejected.
“Twitter has extraordinary potential. I will unlock it,” he said.
Wedbush analysts said the Twitter board would likely be forced to accept the bid or seek another buyer.
“It’s get out the popcorn time as we expect many twists and turns in the weeks ahead as Twitter and Musk walk down this marriage path,” the analysis said, with a host of questions likely to swirl around issues of financing, regulatory aspects and balancing Musk’s time between his many companies.
