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Twitter Responds To Elon Musk’s Hostile Takeover Bid

Twitter’s Board of Directors will be meeting soon to discuss Elon Musk’s $41.39 billion hostile takeover bid.

Gatekeepers News reports that the tech giant while responding to the Tesla CEO’s hostile takeover said it will ‘carefully review the proposal’.

The Twitter board will meet on Thursday at 10 am PST (5 pm GMT) to consider Musk’s bid to take the company private.

Gatekeepers News earlier reported that Musk in an offer letter told the chairman, “Twitter has extraordinary potential. I will unlock it.”

In its response, the company in a statement said, “The Twitter Board of Directors 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.”

The Tesla CEO insisted in his offer letter that his bid was his “best and final offer”, adding that “if it is not accepted, I would need to reconsider my position as a shareholder,” a regulatory filing showed.

His offer price of $54.20 per share represents a 38 percent premium to the closing price of Twitter’s stock on April 1, the last trading day before the Tesla CEO publicly revealed his 9.2 percent stake in the company, sending the stock popping.

Musk, who is Twitter’s biggest shareholder, sent his offer letter on Wednesday night, telling the company’s board that “It’s a high price and your shareholders will love it.”

He is the world’s richest man, with a net worth of $282 billion and a fortune worth $100 billion more than Amazon founder Jeff Bezos.

In a tweet on Thursday morning, Musk simply said, “I made an offer.”

The outspoken social media critic, told Twitter board chair, Bret Taylor, “I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.

“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

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