Elon Musk secures funds for Twitter takeover
![Elon Musk, Twitter and Prince Al Waleed bin Talal](https://i1.wp.com/gazettengr.com/wp-content/uploads/9AE1C41F-524A-4061-A546-CFD2F42C5C2A-1200x679.jpeg)
Tesla CEO Elon Musk has secured $46.5 billion in financing to buy Twitter a week after the microblogging social media platform initiated a plan to slow down his hostile takeover.
On Thursday, Mr Musk said he was exploring a tender offer to buy all of Twitter’s common stock for $54.20 per share in cash.
A tender offer would allow Mr Musk, who owns nine per cent of Twitter shares, to present his offer directly to other shareholders, bypassing the board.
The financing is expected to come from Morgan Stanley and other financial institutions. Other banks include Barclays, Bank of America, Societe Generale, Mizuho Bank, BNP Paribas and MUFG.
Morgan Stanley is one of Twitter’s biggest shareholders, behind the Vanguard Group and Mr Musk.
Twitter said in a statement Thursday it had received Mr Musk’s updated proposal and its “new information on potential financing.”
Twitter said it was “committed to conducting a careful, comprehensive and deliberate review to determine the course of action that it believes is in the best interest of the company and all Twitter stockholders.”
Last week, Twitter adopted a “poison pill” approach to dissuade Mr Musk’s attempt to take over the company.
The ‘Rights Plan’, which will expire on April 14, 2023, will enable Twitter’s shareholders to realise the full value of their holdings in the company.
Mr Musk’s initial offer to acquire the social media company for $54.20 a share had been valued at $41.4 billion.
His proposal faced opposition from shareholders like Saudi Prince Al Waleed bin Talal who rejected Mr Musk’s offer because he did not believe the offer was “close to the intrinsic value of Twitter given its growth prospects.”
More from Peoples Gazette
![](https://i1.wp.com/gazettengr.com/wp-content/uploads/Queue-in-a-filling-station.png)
Economy
Buhari regime will continue to borrow without subsidy removal: Femi Adesina
“You know how much could have been saved if the subsidy was removed and how it could have been diverted to other areas and spheres of national life.
![Abeokuta fire](https://i1.wp.com/gazettengr.com/wp-content/uploads/Abeokuta-fire.jpg)
States
One died in Abeokuta Expressway fire
The Lagos State Fire and Rescue Service says it has put out the fire on the Abeokuta Expressway, Lagos.
![MONGUNO, EL-RUFAI](https://i1.wp.com/gazettengr.com/wp-content/uploads/IMG-20220422-WA0001.jpg)
Politics
I was talking to security operatives not El-Rufai: NSA Monguno
“El-Rufai spoke about the security agencies, saying we know who they are, where they are. Again, that is the danger.”
![IGP Baba and Unknown gunmen](https://i1.wp.com/gazettengr.com/wp-content/uploads/6A11DF0F-9E9A-4F4D-A4DA-3F610079AC8C-1200x675.jpeg)
States
IGP Baba threatens gunmen attacking police officers in South-East
Mr Baba said attacks on officers in the line of duty would no longer be tolerated.
![Almajiri children](https://i1.wp.com/gazettengr.com/wp-content/uploads/A3355714-FD0D-47C8-9F68-69DF572B5B45.jpeg)
Agriculture
Nationwide Hunger: FG inaugurates national food security committee
“This is so significant in the area of provision of food security…especially now that the country is facing an unprecedented high cost of food items.
![AIT logo](https://i1.wp.com/gazettengr.com/wp-content/uploads/08D83D72-AA76-4982-B57B-A5C4278494AF.jpeg)
States
AIT journalist killed in auto crash
The African Independent Television (AIT) has lost Muhammad Ibrahim, its correspondent in Minna, in a ghastly automobile crash.
![Idris Bello-Dambazau](https://i1.wp.com/gazettengr.com/wp-content/uploads/D6A96610-D895-457C-ABE5-8002E16C0E6B.jpeg)
Anti-Corruption
Anti-graft agency seeks arrest of Kano consumer council MD
“Police operatives…visited his office to arrest him but were told that he was not on seat. They checked everywhere and could not see him.”