Twitter agrees to a takeover by Elon Musk. The two parties announced this shortly after trading in Twitter’s shares was halted tonight.
Musk, known from Tesla, among other things, pays $ 54.20 per share. This brings the total deal to an amount of 44 billion dollars, or 41 billion euros. This is a remarkable turn. Where it first seemed that the social network did not want to be taken over by the billionaire, a deal was concluded in a very short time.
The chairman of Twitter’s supervisory board says Musk’s proposal has gone through a careful process “with a focus on values, security and financing”.
turn
Last week things took a turn when it turned out that Musk had the financing to take over Twitter. He received money from banks (loans totaling 25.5 billion dollars) and in addition he makes 21 billion dollars available himself.
As a result, Musk was suddenly a serious candidate for the board of Twitter. According to several American media, negotiations have been going on since yesterday, until the early hours. These kinds of negotiations often take longer. It’s only been 11 days since Musk announced his intention to take over Twitter at all.
poison pill deployed
A day after Musk submitted his offer to Twitter, the board had just used the so-called poison pill. This is in fact a protective construction that makes it very difficult for a shareholder to buy up all the shares. In addition, Twitter gave the signal that the company saw this takeover as undesirable.
What will have played a part is the pressure that shareholders have exerted. they have according to Reuters news agency urged negotiations after it became clear that Musk has the financing in place.
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