Twitter Inc is close to agreeing to sell itself to Elon Musk for $54.20 per share in cash, the sum he initially made and dubbed his ‘best and last’ offer to the social media business, according to people familiar with the situation.
Sources say that Twitter may announce the $43 billion deal later on Monday after its board meets to vote on the deal. Twitter shareholders will then be able to vote on the deal. Sources say there is always the chance that the deal doesn’t work out at the last minute.
Twitter hasn’t been able to get a “go-shop” provision in its deal with Musk so far, sources say. This would allow Twitter to look at other bids from other potential buyers once the deal is done. Sources say that if another party wants to buy Twitter, Twitter could pay Musk to break up with them.
Twitter and Elon Musk didn’t answer questions right away.