Elon Musk Offers To Buy 100% Of Twitter For $54.20/shr

(RTTNews) - Elon Musk, on Wednesday, has delivered a letter to Twitter Inc. (TWTR) which contained a non-binding proposal to acquire all of the outstanding common stock of Twitter not owned by Elon Musk for all cash consideration valuing the common stock at $54.20 per share. If the proposed transaction is completed, the common stock would become eligible for termination of its registration, and would be delisted from the NYSE. Elon Musk has engaged Morgan Stanley as its financial advisor.

"Twitter needs to be transformed as a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder," Elon Musk stated.

The proposal is non-binding and, once agreed upon, would be conditioned upon: receipt of any required governmental approvals; confirmatory legal, business, regulatory, accounting and tax due diligence; negotiation and execution of definitive agreements providing for the proposed deal; and completion of anticipated financing.

Shares of Twitter Inc. were up 11% in pre-market trade on Thursday.