Twitter Up 5% In Pre-market On Reports Elon Musk Will Close Deal As Early As Monday

Shares of Twitter, Inc. (TWTR) are rising almost 5 percent in pre-market on Monday on reports that the microblogging site’s board is set to accept an offer of $54.20 per share from Tesla founder and billionaire Elon Musk as early as Monday.

Musk made the non-binding proposal to acquire all of the outstanding common stock of Twitter not owned by Elon Musk for about $43 billion or $54.20 per share in mid-April and secured $46.5 billion in financing from Morgan Stanley and other financial institutions a week later.

Though Twitter initially adopted a so-called poison pill to fend off a potential hostile takeover, it became more receptive to the bid after Musk revealed he secured $46.5 billion in financing.

Prior to that, Musk revealed is a filing in the first week of April that he acquired a 9.2 percent stake in Twitter, becoming its largest shareholder.

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