GOOD: Twitter under shareholder pressure to seek deal with Musk.
While the views of Twitter shareholders vary over what a fair price for a deal would be, many reached out to the company after Musk outlined his acquisition financing plan on Thursday and urged it not to let the opportunity for a deal slip away, the sources said, speaking on condition of anonymity. read more
Twitter’s board is expected to find that Musk’s all-cash $54.20 per share offer for the company is too low by the time it reports quarterly earnings on Thursday. Nonetheless, some shareholders who agree with that stance still want Twitter to seek a better offer from Musk, whose net worth is pegged by Forbes at $270 billion, the sources told Reuters.
One option available to Twitter’s board is to open its books to Musk to try to coax him to sweeten his bid. Another would be to solicit offers from other potential bidders. While it is not yet clear which path Twitter will take, it is increasingly likely that its board will attempt to solicit a better offer from Musk even as it rebuffs the current one, the sources said.
For all the media fuss — it’s where the media hangs out, after all — Twitter isn’t all that large or all that profitable. Musk has made a generous offer and I’m not sure there’s anyone else out there willing to make an all-cash bid for even more cash.
So I guess this is where we find out if Twitter’s board is more interested in returning value to their shareholders or in enforcing woke orthodoxy.