(Bloomberg) — The gap between Twitter Inc.’s share price and Elon Musk’s takeover offer narrowed to less than $1 Wednesday, with a court-ordered deadline to complete the $44 billion deal just two days away.
(Bloomberg) — The gap between Twitter Inc.’s share price and Elon Musk’s takeover offer narrowed to less than $1 Wednesday, with a court-ordered deadline to complete the $44 billion deal just two days away.
Shares of the social media giant closed up 1.1% at $53.35 after it was reported that Twitter’s chief marketing officer Leslie Berland sent a memo to staff saying that Musk would address the company on Friday. Musk, who is set to pay $54.20 for the company, also tweeted a video of himself entering Twitter headquarters.
Assuming the deal closes as planned, it will end a tumultuous six-month stretch of trading that has seen Twitter shares swing wildly on a near daily basis as investors tried to gauge the likelihood of Musk actually completing the purchase. At one point in early July, Twitter shares fell roughly 40% below Musk’s offer price after the Tesla Inc. chief executive officer said he was trying to terminate his agreement to buy the company.
Twitter shares have steadily climbed closer to the offer price this week, after Bloomberg News reported that Musk told bankers who are helping to fund the deal that he planned to close the acquisition by Friday. That date coincides with the deadline a Delaware judge set earlier this month in order to avoid a new trial.
The stock extended its climb in postmarket trading, rising as much as 1.1% to $53.95.
–With assistance from Yiqin Shen.
(Adds postmarket trading in)
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