Twitter board meets Musk to discuss bid, reports say

Twitter board meets Musk to discuss bid, reports say

Twitter's board reportedly met Elon Musk over the weekend to explore his $43bn (£33.6bn) takeover offer for the social media platform.

After the Tesla boss first revealed his bid, Twitter's management announced a so-called "poison pill" strategy to fend off a potential hostile buyout.

Mr Musk plans to finance his bid with the backing of US lender Morgan Stanley and other financial institutions.

A spokesperson for Twitter declined to comment on the reports.

Details of how Mr Musk intended to finance his offer, which were disclosed to US regulators on Thursday, made Twitter's 11-member board seriously consider a possible deal, according to Reuters, the New York Times and Bloomberg - citing anonymous sources.

Mr Musk, who owns a more than 9% stake in Twitter, has lined up a $46.5bn financing package for his bid, according to a regulatory filing.

The funding will come from a mixture of his own assets and the backing of Wall Street banking giant Morgan Stanley and other firms.

A number of Twitter shareholders reportedly contacted the company after Mr Musk announced the financing plan and urged it not to miss the opportunity for a potential deal.

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Author: BBC

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