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Elon Musk seems to have hinted at a possible trading offer for Twitter (NYSE: TWTR) in a tweet on Saturday.
Musk tweeted “Love Me Tender” in a mysterious tweet on Saturday, which is not only a famous Elvis Presley song, but may also cite a potential tender offer directly to shareholders he could make for the social media platform, which he offered to buy for $ 43 billion on Thursday.
Musk’s tweet came after Twitter (NYSE: TWTR) announced on Friday that it had adopted a shareholder rights plan – a “poison pill” designed to keep control of the company from consolidation after Musk’s surprise efforts to take control of the company. The board unanimously adopted a poison pill, which can be used if a legal entity acquires actual ownership of 15% or more of ordinary Twitter shares in a transaction not approved by the board.
While Twitter (TWTR) told employees at all meetings on Thursday that it valued Musk’s share offer at $ 54.20, according to a Verge report, The Information also reported that the Twitter board considered Musk’s offer undesirable, which suggests that he will probably reject it.
Musk may see a bid in which the buyer goes directly to shareholders asking them to offer their shares at a specific price, as a potential way to circumvent a possible board cancellation or as a way to circumvent a poison pill.
Musk told a TED conference on Thursday that he had “enough” assets to buy Twitter and could “technically” buy the social media platform. Musk added that he has an alternative plan if his offer is rejected by Twitter (TWTR), although he declined to give details.
There were media reports on Saturday that Musk was allegedly talking to investors who would partner with him on a Twitter offer. A new plan involving partners could be announced in days, according to a NYPost report.
Thomas Bravo, a private equity firm, is reportedly considering a competitive bid for Twitter (TWTR) with Musk.
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