Twitter Inc shares surged 5.33% after high expectations that the company could finalize a deal to sell itself to Elon Musk, according to a report by The Wall Street Journal on Sunday.
- Twitter’s stock has swung wildly over the month as investors have followed the changing news of Mr. Musk’s bid to acquire the San Francisco-based company.
- The two sides met on Sunday to review Mr. Musk’s proposal and were making progress, even though there were still issues to resolve.
- Twitter had been anticipated to reject the offer, which Mr. Musk made on April 14 without indicating how he would finance it, and place in a so-called poison pill to block him from expanding his stake.
- Elon Musk has stated from the start that his $54.20 per share offer is his “best and final” and further insisted to Twitter Chairman Bret Taylor that he will not budge on the price.
The discussions between the two sides were expected to focus on issues, including what Mr. Musk would pay if an agreed deal fell apart before final consummation. TWTR up +5.33%, TSLA down -3.36%, Pre-market trading.