Twitter is nearing a deal to sell itself to Elon Musk for $54.20 (R849,82) per share in cash, the price that he originally offered to the social media company and called his 'best and final', people familiar with the matter said.
Twitter may announce the $43 billion (R675 billion) deal later on Monday once its board has met to recommend the transaction to Twitter shareholders, the sources said. It is always possible that the deal collapses at the last minute, the sources added.
Twitter has not been able to secure so far a 'go-shop' provision under its agreement with Musk that would allow it to solicit other bids from potential acquirers once the deal is signed, the sources said. Still, Twitter would be allowed to accept an offer from another party by paying Musk a break-up fee, the sources added.
Twitter and Musk did not immediately respond to requests for comment.