Twitter stock rose over 7% on Monday to $48.45. ElonMusk previously tabled a $54.20 bid for $TWTR, the social media giant rejected Musk's offer and adopted a poison pill defense by ivanbrian9 stocks trading
ars to definitely be in play with multiple suitors lined up to challenge Musk's bid. If you have been living under a rock, Elon Musk unveiled a 9.2% stake in Twitter only a couple of weeks ago. The Twitter board offered Musk a seat, which he rejected. This was likely an attempt at a "keep your enemy closer" strategy as board members cannot launch a takeover bid for the company.
Musk may be about to face competition in his quest to land Twitter if the latest reports are to be believed. Apollo Global is reportedly interested in some form of participation in the deal, according to The Wall Street Journal. The WSJ article elaborated that Apollo Global could be in line to provide financing for the deal. Whether that is to Musk or another bidder remains to be seen.
There has also been talk that Thomas Bravo will enter the bidding. Thomas Bravo is a private equity firm and is looking at possibilities, according to Bloomberg and Reuters.The spike from the initial announcement brought Twitter naturally up to Elon Musk's offer price at $54.20. Interestingly the price has never breached this level, meaning the market is not very confident that another buyer will emerge.
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