American microblogging and social networking service, Twitter, has responded to the offer from Tesla owner, Elon Musk to acquire Twitter at a market price of $54.20 per share in cash.
This comes after Musk made an offer to purchase 100 percent of Twitter in an updated 13D filed with SEC.
Musk is aiming to privatize Twitter and “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” so as it can undergo necessary changes and enhance free speech.
“Twitter has extraordinary potential. I will unlock it.” – Elon Musk
Twitter confirms Elon Musk offer
In a press release, Twitter “confirmed it has received an unsolicited, non-binding proposal from Elon Musk to acquire all of the Company’s outstanding common stock for $54.20 per share in cash.”
The Twitter Board added it “will carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”