Twitter Drifts Away From Musk’s Offer As Financing Concerns Loom
Shares in the social media firm slipped as much as 1.6% as concerns surrounding the transaction’s funding persist.
(Bloomberg) -- Twitter Inc. shares extend losses for a third session on Friday, widening the gap between Elon Musk’s $54.20 per share offer as deal talks are said to be stuck over a debt financing contingency.
Shares in the social media firm slipped as much as 1.6% as concerns surrounding the transaction’s funding persist. Those uncertainties have kept Twitter’s stock about 10% below the offer price.
The stock is now down for a third day after soaring on Tuesday when Musk made a surprising U-turn from his effort to back out of the deal, potentially avoiding a contentious courtroom fight.
On Oct. 3, the Tesla chief executive officer said his offer is contingent on receiving $13 billion in debt financing. Then on Thursday, Bloomberg reported talks to reach a deal resolution are stalled, in part, on the new contingency, according to people familiar with the matter.
On the same day, a Delaware judge halted a court case against Musk over his takeover of Twitter, giving the parties more time to complete the deal.
(Updates stock moves throughout.)
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