Twitter shares jump 5% on reports that it’s ready to accept Elon Musk’s bid

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  • Twitter shares jumped more than 5% in the premarket Monday on reports the company is nearing a deal with Elon Musk.
  • Musk earlier this month offered to buy Twitter for $54.20 a share, or about $43 billion.

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Twitter shares jumped more than 5% in the premarket Monday on reports the company is nearing a deal with Elon Musk.

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Musk earlier this month offered to buy Twitter for $54.20 a share, or about $43 billion. The social media company had been expected to decline a deal and had adopted a so-called “poison pill” to fend off a potential hostile takeover.

However, Twitter became more receptive to a bid after Musk revealed he secured $46.5 billion in financing.

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Twitter’s board had met Sunday to discuss Musk’s financing plan for his proposed bid, a source close to the situation told CNBC. The person said the board is looking for other offers and the company could provide an update by the time it reports its latest financial results Thursday, if not before.

Bloomberg News reported the two sides could reach an agreement as soon as Monday. The board met with Musk to negotiate into the early hours of Monday, according to The New York Times,

It’s unclear what a final deal could look like, and Reuters reported Monday that an agreement could still fall apart.

This is breaking news. Please check back for updates.

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Credit: www.cnbc.com /

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