Despite internal disagreements, the Twitter board is reportedly moving closer to finalising Tesla CEO Elon Musk’s takeover offer of $43 billion, with an announcement possible as early as today (Monday), Bloomberg reported.
According to Washington Post report, which cited sources close to the situation, Twitter is in talks to “sell itself to Elon Musk” and could “finalise a deal as soon as this week.”
“The two sides met Sunday to discuss Musk’s proposal and were making progress, though still had issues to hash out, the people said. There is no guarantee they will reach a deal,” the report said.
According to the New York Times, Twitter’s board of directors is seriously considering Musk’s offer to buy the company.
Musk’s initial bid of around $43 billion was widely regarded as significantly undervaluing the company.
The Tesla and SpaceX CEO revealed his Twitter takeover plan last month, which includes $25.5 billion in loans and $21 billion in personal equity, bringing the total funding to $46.5 billion.
Musk stated in a new SEC filing that the funding is provided through two debt commitment letters from Morgan Stanley Senior Funding, in which the bank commits to offering a series of loans totaling $25.5 billion.
Musk will manage the remaining $21 billion on his own.
According to the filing, Twitter has not formally responded to Musk’s offer.
Musk, who disclosed ownership in Twitter in a filing with the SEC earlier this month, owns 9.1 percent of the platform, which is currently worth more than $3 billion.
The billionaire is willing to pay $54.20 per share to acquire 100% of the company.
Shares in Twitter rose 5 percent on Monday in reaction to the deal news.