TWTR - With Eyes on Musk's Bid Twitter Stock Rose While the Market Fell.
Twitter Stock ( NYSE:TWTR )
Twitter stock ( NYSE:TWTR ) is down 2% today, giving up some of Tuesday’s 22% gain as the broader Internet sector bleeds a little red. However, Twitter’s stock is probably doing better than other competitor companies after developments in the company’s $44B takeover agreement with Elon Musk.
On Tuesday, it was reported that Musk’s lawyers had written to Twitter ( NYSE:TWTR ), suggesting that Musk intended to go through with completing the acquisition at the agreed price. However, a few criteria mentioned made it premature to think the drama was done.
The lawyers for Musk stated they would go through with closure “given that the Delaware Chancery Court enter an immediate stay of the lawsuit, Twitter ( NYSE:TWTR ) vs. Musk, et al…. and defer the trial.” In addition, it said that the transaction was “waiting receipt of the proceeds of the debt financing,” a phrase that usually means a positive conclusion even if the financiers are expecting significant losses due to the recent downturn in the credit markets.
Twitter ( NYSE:TWTR ) brief response to Musk’s letter—”The objective of the Company is to conclude the transaction at $54.20 per share”. It suggests that a temporary halt to the litigation has not yet been agreed upon. And the Court of Chancery in Delaware has shown no signs of slowing down the lawsuit, so far at least.
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