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The offer from Musk, who has hinted at the possibility of a
hostile bid, has prompted the social media company to adopt a
"poison pill" to protect itself.
Musk, who is also the chief executive of electric-vehicle maker
Tesla Inc, on Monday tweeted "Love Me Tender", an Elvis Presley
song, after Twitter opted for a plan to sell shares at a
discount to prevent any attempt by shareholders to amass a stake
of more than 15%. Musk currently has a 9.1% stake.
The New York Post on Tuesday reported Musk was willing to invest
between $10 billion and $15 billion of his own money to take
Twitter private, citing two sources familiar with the matter.
The billionaire, who is Twitter's second-biggest shareholder, is
planning to launch a tender offer in about 10 days and has
tapped Morgan Stanley to raise another $10 billion in debt,
according to the report https://nypost.com/2022/04/19/elon-musk-scrambles-to-find-backers-for-twitter-takeover-sources.
Musk may also be willing to borrow against his current stake if
necessary, a move that could possibly raise several billion
additional dollars, according to the New York Post report.
Twitter declined to comment. Tesla did not immediately respond
to a Reuters request for comment from Musk.
More private-equity firms have expressed interest in
participating in a deal for Twitter, people familiar with the
matter told Reuters on Monday without naming the firm.
The interest emerged after Thoma Bravo, a technology-focused
private-equity firm, contacted the social media platform last
week to explore a buyout that would challenge Musk's offer.
Apollo Global Management Inc is considering ways it can provide
financing to any deal and is open to working with Musk or any
other bidder, the sources told Reuters.
Many investors, analysts and investment bankers expect Twitter's
board to reject Musk's offer in the coming days, saying it is
inadequate.
(Reporting by Sonia Cheema, Yuvraj Malik and Akriti Sharma in
Bangalore; Editing by Anil D'Silva and Shounak Dasgupta)
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