NTD
Billionaire Tesla CEO Elon Musk has secured the funding required financing to make a tender offer to buy Twitter and take the company private, according to a new SEC filing.
The document shows that Musk has received $46.5 billion in commitment to help finance the proposed deal. Through a tender offer, Musk plans to approach Twitter shareholders directly and offer to buy their shares within a specific time frame.
Musk, the richest man in the world, has secured $25.5 billion in debt financing from Morgan Stanley Senior Funding and other financial institutions. He has also committed to provide $21 billion in equity financing, according to the document.
Musk is seeking to negotiate a “definitive agreement” with the board for the acquisition of Twitter.
“Twitter has not responded to the proposal,” Musk says according to the filing. “Given the lack of response by Twitter,” he is “exploring whether to commence a tender offer to acquire all of the outstanding shares” at a price of $54.20 per share.
The purchase will include the rights associated with the Rights Agreement (the poison pill), the filing stated…
