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American News Apr 24, 2022 9:06 PM EST

BREAKING: Shareholders put pressure on Twitter to take action on Elon Musk offer

"I wouldn't be surprised to wake up next week and see Musk raise what he called his best and final offer to possibly $64.20 per share," one of the fund managers who is invested in Twitter said.

BREAKING: Shareholders put pressure on Twitter to take action on Elon Musk offer
Hannah Nightingale Washington DC

Twitter is reportedly facing increased pressure from a number of its shareholders to negotiate with Tesla and SpaceX CEO Elon Musk, who has brought forth a $43 billion bid to buy the social media company.

People familiar with the matter told Reuters that a number of shareholders reached out following Musk's meetings with them, in which he outlined his financing plan, and urged the company to take action on the opportunity.

While the company is expected to reveal in its quarterly earning report on Thursday that his $54.20 per share offer is too low, some shareholders still want Twitter to see whether they can get a better offer from Musk.

Musk has previously stated that his offer is final.

The sources told Reuters that one available option is for the company to open its books to Musk in an effort for him to sweeten his offer.

Another option would be to solicit offers from other potential bidders.

"I wouldn't be surprised to wake up next week and see Musk raise what he called his best and final offer to possibly $64.20 per share," one of the fund managers who is invested in Twitter said on the condition of anonymity.

"He could also drop the whole thing entirely. Anything is possible," the fund manager said in regards to Musk's offer.

Twitter has adopted a so-called "poison pill," making it difficult for Musk to raise his stake over 15 percent, requiring negotiations with the board to do so.

In response to the poison pill plan, Musk has threatened to launch a tender bid, which Twitter has expressed concerns over many shareholders potentially backing the offer.

Reuters reported: "While the poison pill would prevent Twitter shareholders from tendering their shares, the company is worried that its negotiating hand would weaken considerably if it was shown to be going against the will of many of its investors, the sources added."

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