Technology

Twitter board still evaluating Musk buyout offer

At an all-hands meeting on Thursday, staff raised questions about potential scenarios

A banner with the logo of Twitter is set on the front of the New York Stock Exchange in New York. Photograph: Emmanuel Dunand/Getty Images

Fri Apr 15 2022 - 08:19

Twitter chief executive officer Parag Agrawal told employees that the board is still evaluating Elon Musk’s offer to buy the company and take it private, according to people familiar with the matter.

At an all-hands meeting Thursday afternoon, staffers raised questions about potential scenarios, and Agrawal’s tone was neutral, said the people, who asked not to be identified because it was a private discussion.

He didn’t indicate which direction the board was leaning, calling it a “rigorous process” to determine what was in the best interest of shareholders, they added.

Chief marketing officer Leslie Berland read Twitter employees’ questions submitted via Slack at the meeting, the people said. No other board members, including former CEO Jack Dorsey, addressed the group. The meeting lasted about 30 minutes, they said.

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Twitter declined to comment. The company’s board held an emergency meeting Thursday morning to debate possible responses to Musk’s overture – including a poison pill, a measure companies typically use to protect from hostile takeovers – other people familiar with the matter said earlier.

The Tesla CEO offered $54.20 a share in cash for Twitter, valuing the San Francisco-based company at $43 billion. Musk, who said it was his “best and final” offer, had already accrued a stake of more than 9 per cent in Twitter since earlier this year. – Bloomberg

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