A person familiar with the matter confirmed a board meeting took place on Sunday and said that discussions about Musk’s bid have turned serious.
“Twitter reassesses Musk bid, may be more open to deal” was the Journal’s lead headline for much of Sunday afternoon and evening, prompting newfound speculation about Twitter’s future.
None of the people involved have commented on the meetings. But Musk’s filing with the SEC last Thursday, saying he has lined up $46.5 billion in financing for the deal, seems to be the driving factor.
Wall Street Journal reporter Cara Lombardo wrote that “Twitter is taking a fresh look at the offer and is more likely than before to seek to negotiate,” adding that “the situation is fast-moving.”
One big unknown: What is the Twitter board’s estimation of the company’s value? Is it in the same ballpark as Musk?
Twitter — currently trading around $49 a share, lower than Musk’s $54.20 a share offer — is due to report first quarter earnings on Thursday afternoon. The company will have to address Musk’s offer by then, if not before.
On Sunday night the only statement from the company was as follows: “As previously announced, the Board is continuing to conduct a careful, comprehensive and deliberate review to determine the course of action in the best interest of the Company and all Twitter stockholders.”
