Twitter is approaching a deal to sell the company to Elon Musk in a $54.20 a share cash deal, people familiar with the matter said.
The price is the same as the billionaire’s original offer on the social network and which Musk had called his ‘best and final’ proposal.
Twitter could announce the $43 billion deal later on Monday, when the company’s board meets to recommend the transaction to shareholders, the sources said. It is always possible that the deal will not materialize at the last minute, the sources added.
So far, Twitter has failed to secure a ‘Go-Shop’ clause within the deal with Musk, which would allow the company to solicit other offers from potential buyers once the deal is signed, the sources said. Still, the social network could accept a proposal from another party by paying Musk a fee, the sources added.
Twitter and Musk did not immediately respond to requests for comment.
