After becoming the largest shareholder in Twitter, Elon Musk has made a hostile takeover bid to purchase the social network created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams.
Via Twitter (of course), Musk stated he made an offer (to purchase Twitter) with a link to a document on the SEC website. His announcement comes days after he was going to join the Twitter board of directors but later stated he would not.
I made an offer https://t.co/VvreuPMeLu
— Elon Musk (@elonmusk) April 14, 2022
The document includes a message to the Chairman of the Board at Twitter.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.
As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.”
His second message seems direct as he says he isn’t “playing the back-and-forth game” about his “best and final offer.”
“[SEND VIA TEXT]
As I indicated this weekend, I believe that the company should be private to go through the changes that need to be made.
After the past several days of thinking this over, I have decided I want to acquire the company and take it private.
I am going to send you an offer letter tonight, it will be public in the morning.
Are you available to chat?
[VOICE SCRIPT]
- Best and Final:
a. I am not playing the back-and-forth game.
b. I have moved straight to the end.
c. It’s a high price and your shareholders will love it.
d. If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.
i. This is not a threat, it’s simply not a good investment without the changes that need to be made.
ii. And those changes won’t happen without taking the company private. -
My advisors and my team are available after you get the letter to answer any questions
a. There will be more detail in our public filings. After you receive the letter and review the public filings, your team can call my family office with any questions.”
Twitter has not yet responded.
[Source]: @elommusk (Twitter): I made an offer – [Archive] – [Screenshot]. SEC: SC 13D/A 1 tm2212748d1_sc13da.htm SC 13D/A – [Archive] – [Screenshot].
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