Twitter shares jumped more than 3% on reports the company is nearing a deal with Elon Musk that could be announced as soon as Monday.
Musk earlier this month offered to buy Twitter for $54.20 a share, or about $43 billion. The social media company had been expected to decline a deal and had adopted a so-called poison pill to fend off a potential hostile takeover. However, Twitter became more receptive to a bid after Musk revealed he secured $46.5 billion in financing.The company’s board met Sunday to discuss Musk’s financing plan for his proposed bid, a source close to the situation told CNBC.Bloomberg and Reuters reported the two sides could reach an agreement as soon as Monday. The board negotiated with Musk into the early hours of Monday, according to The New York Times.