Twitter set to accept Elon Musk’s final offer: Report

Twitter is reportedly set to accept Elon Musk’s best and final offer of $54.20 per share bid, valuing the social media giant at close to $43 billion. Twitter may announce the deal once its board has met to recommend the transaction to Twitter’s other shareholders, as per sources.

Earlier this month, Elon Musk made an offer to buy 100 percent stake in Twitter for $43 billion, but his proposal was immediately dismissed by Wall Street and the company had adopted a “poison pill,” a defensive action that would prevent the billionaire from amassing more of the company’s stock.

“Twitter has not been able to secure so far a ‘go-shop’ provision under its agreement with Musk that would allow it to solicit other bids from potential acquirers once the deal is signed, the sources said. Still, Twitter would be allowed to accept an offer from another party by paying Musk a break-up fee,” people familiar with the matter reportedly said.

Neither Twitter nor Elon Musk responded to requests for comments on the issue but the company had earlier said that its board was “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.”