Twitter shares surge 5% on reports it’s ready to accept Elon Musk’s offer

Brendan Smialowski | AFP | Getty Images

Twitter shares rose more than 5% in premarket Monday after reports that the company is close to a settlement with Elon Musk.

Musk offered earlier this month to buy Twitter for $54.20 per share, or about $43 billion. The social media company had been expected to turn down a deal and had introduced what it called a “poison pill” to stave off a potential hostile takeover.

However, Twitter became more receptive to an offer after Musk announced that he had secured $46.5 billion in funding.

Twitter’s board of directors met Sunday to discuss Musk’s funding plan for his proposed bid, a source close to the situation told CNBC. The person said the board is looking at other offers and the company could provide an update when it reports its latest financial results on Thursday, if not sooner.

Bloomberg News reported that both sides could reach an agreement as early as Monday. According to the New York Times, the board met with Musk to negotiate into the early hours of Monday morning.

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

This is breaking news. Please check again for updates. Twitter shares surge 5% on reports it’s ready to accept Elon Musk’s offer

Jane Marczewski

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