Billionaire Tesla and Space X CEO Elon Musk has officially launched plan B of his Twitter takeover strategy. After board members decided they’d rather take “the poison pill,” diluting shares and making a takeover more difficult, Musk is back with an updated filing and a new approach.
According to CNBC, “in an updated filing published Thursday, Musk said that given the lack of response from Twitter’s board, he is now exploring a tender offer to purchase some or all shares of the company directly from its stockholders.”
“The filing says Musk has received commitments for $46.5 billion to help finance the potential deal. Musk has secured about $25.5 billion in debt financing through Morgan Stanley Senior Funding and other firms, and he said he has committed about $21 billion in equity financing. The other participating firms are Bank of America, Barclays, MUFG, Societe Generale, Mizuho Bank and BNP Paribas,” the report continues.
A Twitter spokesperson issued a statement on Musk’s proposal.
“As previously announced and communicated to Mr. Musk directly, the Board is committed to conducting a careful, comprehensive and deliberate review to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” the spokesperson said.