Twitter Inc, which kicked off deal negotiations with Elon Musk on Sunday, is in the final stretch of negotiations.
Earlier this month, Elon Musk offered to buy Twitter for $54.20 a share, or about $43 billion. The social media giant was expected to decline the deal, and had adopted a so-called “poison pill” to avoid a potential hostile takeover.
However, the microblogging website became more receptive to a big after the Tesla founder revealed he secured $46.5 billion in financing. A source close to the discreet exchange between Mr Musk and Twitter told CNBC that the board met to discuss the billionaire’s financing plan for his proposed bid.
Bloomberg confirmed that Twitter is in the final negotiations of a sale to Elon Musk and could reach a deal as soon as today.
According to Reuters Global Tech Editor Kenneth Li, Twitter is considering the deal. Mr Li took to the microblogging website, and wrote: “TWITTER INC TWTR.N POISED TO ACCEPT ELON MUSK’S $54.20 PER SHARE OFFER AS THE PRICE AT WHICH THE COMPANY IS SOLD.”
The deal could rank as one of the biggest-ever leveraged buyouts of a listed company, reported Bloomberg.