Elon Musk made his “best and most definitive” offer to buy Twitter, saying the company has tremendous potential that it will seek to unlock. The richest man in the world has launched a takeover bid on shares he does not yet own at $ 54.20 per share in cash, which represents a 54% premium over the closing price on January 28 and a valuation of approximately 43. billions of dollars. Musk announced the offer with a filing to the United States Securities and Exchange Commission.
On April 4, the billionaire, who is CEO and also controls Tesla, he had revealed for the first time to hold a share of about 9% and launched ideas and proposals for change for the social network. The company offered him a seat on the board after the announcement of his stake, which made him the largest individual shareholder but Musk had decided not to accept the proposal.
The choice was immediately interpreted as a sign of the desire to keep your hands free in view of a market operation that did not take long to arrive. “Twitter has extraordinary potential – said Musk – I’ll bring it out.”
The board of the company will meet on the Italian night to evaluate the offer. According to rumors, the Board of Directors is thinking of defensive moves such as “poison pills”, options reserved for existing shareholders to buy a certain quantity of shares at a favorable price to prevent the hostile takeover. Tesla’s founder said he said he is “not sure” he can buy Twitter. Asked if he has a plan B, should they turn down his offer, he said, “Yes, I do.”
Goal delisting from Wall Street
“I invested in Twitter because I believe in its potential to be the platform for freedom of expression globally and I believe that freedom of expression is a social imperative for a democracy that works – wrote Elon Musk – Since I did my investment, however, I realized that the company will neither prosper nor serve this social imperative in its current form. Twitter needs to be transformed into a private company ». Musk also wrote that his offer is the best and most definitive and that if not accepted it will lead him to “reconsider his position as a shareholder.”
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