By Fergal MacErlean • 14 April 2022 • 12:52
The world’s richest person will offer $54.20 per share in cash, representing a 54% premium over the January 28 closing price and a value of about $43 billion, Bloomberg reports.
Musk, 50, is offering to “acquire all of the outstanding Common Stock of the Issuer not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share.”
The proposal was delivered in a letter to Twitter on April 13, The Verge reports.
Musk says Twitter needs to go private to go through the changes that need to be made.
“I would need to reconsider my position as shareholder,” says Musk if his offer is not accepted.
“Since making my investment I now realise the company will neither thrive nor serve this societal imperative in its current form.
“Twitter needs to be transformed as a private company,” Musk said in a letter to Twitter Chairman Bret Taylor.
Twitter shares are up over 13 percent pre-market on the news.
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Originally from Dublin, Fergal is based on the eastern Costa del Sol and is a web reporter for The Euro Weekly News covering international and Spanish national news.
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