Twitter confirms Elon Musk’s takeover offer, stating that the deal will be completed for $54.20 per share

Twitter said it wanted to close the deal for $54.20 per share, confirming business billionaire Elon Musk’s acquisition offer. According to Twitter Investor Relations, “We got the letter that the Musk parties had filed with the SEC. The Company intends to close the transaction at $54.20 per share.”
This comes just one day after business mogul Elon Musk proposed to proceed with his original offer of $54.20 to take Twitter Inc TWTR.N private, sending the social media firm’s shares soaring.

Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.

— Twitter Investor Relations (@TwitterIR) October 4, 2022

Twitter shares rose 12.7% to $47.93 before trading was suspended for the second time, according to Bloomberg News, while Tesla Inc TSLA.O, Musk’s electric vehicle firm, declined around 3%.

Musk made the idea in a letter to Twitter, citing sources who begged not to be identified because they were discussing sensitive material.

Twitter and Musk’s lawyers did not immediately respond to Reuters’ requests for comment.

The announcement comes ahead of a widely anticipated showdown between Musk and Twitter at Delaware’s Court of Chancery on Oct. 17, in which the social media company is expected to seek an order directing Musk to seal the purchase at $54.20 per share.

Musk agreed to buy Twitter for $44 billion in April, but within weeks, he claimed that the number of bot accounts was far greater than Twitter’s estimate of less than 5% of users.