Elon Musk tells US regulator he wants Twitter or will walk away

New York: On April 13, Elon Musk, the world's richest man, has delivered a letter to Twitter with non-binding proposal to acquire all of the outstanding Common Stock of the Issuer not owned by him already (9.1 per cent).

The offer is for all cash consideration valuing the common stock at $54.20 per share, a 54 per cent premium over the closing price of Twitter on January 28, 2022, the trading day before Musk began investing in the company.

This is a 38 per cent premium over the closing price of Twitter on April 1, 2022, the trading day before Musk's investment in the Issuer was publicly announced.

Detailing the above to the Securities and Exchange Commission (SEC), Musk said the offer is non-binding and, once structured and agreed upon, would be conditioned upon four things: the receipt of any required governmental approvals; confirmatory legal, business, regulatory, accounting and tax due diligence; the negotiation and execution of definitive agreements providing; and completion of anticipated financing.

"There can be no assurance that a definitive agreement with respect to the Proposal will be executed or, if executed, whether the transaction will be consummated. There is also no certainty as to whether, or when, the Issuer may respond to the Letter, or as to the time table for execution of any definitive agreement. The Reporting Person (Musk) reserves the right to withdraw the Proposal or modify the terms at any time including with respect to the amount or form of consideration. The Reporting PersonA may, directly or indirectly, take such additional steps as he may deem appropriate to further the Proposal," Musk's SEC filing said.