Shares of Twitter Inc. surged more than 5% overnight ahead of the deal and amid reports of Twitter accepting Musk’s offer of a buyout. Following this, the New York Stock Exchange halted trading in the company’s stock and further stated that “news expected soon”, news agency AFP reported.
Twitter’s stock climbed 5% before the market opened on Monday.
Twitter had implemented a poison pill anti-takeover tool that may make a takeover effort prohibitively expensive. According to The Wall Street Journal, which was the first to announce the conversations were underway, the board chose to negotiate after Mr Musk amended his proposal to show he had secured financing.
