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热议:马斯克为何执意要收购推特?应对“收购被拒”的plan B会是什么?

Hot debate: why does Musk insist on buying Twitter? What will be the plan B to deal with "takeover rejection"?

富途資訊 ·  Apr 15, 2022 18:56

"Musk wants to buy Twitter" is known almost all over the Internet.

Musk, who previously disclosed that he owns about 9.1% of Twitter, refused to join the Twitter board earlier this week until yesterday, when he offered to buy Twitter for about $41 billion and then delist it.

The combination caught Twitter's board by surprise and even began to consider using a "poison pill" to limit Musk's shareholding.

And Twitter shareholders also began to launch their own "anti-horse" campaign, "start the Twitter defense war."

  • Twitter board considers Musk's acquisition proposal unpopular

  • Prince Alwaleed of Saudi Arabia, a long-time investor in Twitter, rejected Musk's acquisition proposal.

  • Several other shareholders jointly sued Mr Musk, accusing him of violating securities trading laws and causing losses to Twitter shareholders.

In addition, according to a notice submitted to SEC, Vanguard disclosed on April 8 that it had owned 82.4 million Twitter shares, or 10.3%, and regained its seat as the largest shareholder.

Some investors joked that Musk's "forced purchase" of Twitter was the same as when he took over Tesla, Inc..

Tesla, Inc. was founded by two engineers from Silicon Valley who founded Tesla, Inc. in 2003 out of interest in electric cars.

As the research and development of electric vehicles requires a lot of technical and financial support, Tesla, Inc. introduced $7.5 million from Musk in 2004 to raise funds, making Musk the largest shareholder and chairman.

Later, under a series of operations by Musk, Tesla, Inc. 's original founder successfully retired from the cup to release the soldiers, and Musk naturally became the only spokesman for Tesla, Inc.. At that time, many media published a report entitled "Musk stole Tesla, Inc.".

Only this time, will Musk still get what he wants?

Why do you insist on buying Twitter? Musk: not for money, for freedom

Musk wrote in an ultimatum tone in his offer to SEC, "my offer is the best and final offer, and if I do not accept it, I will reconsider my shareholder status."Twitter has great potential and I will release it.

Musk said the idea is that Twitter has the potential to become a global platform for free speech. But since investing in Twitter, he feels that the status of a public company and a business model that relies on advertising marketing will neither make Twitter thrive nor unleash what he sees as its potential.

On the same day, Musk attended the TED conference. When talking about the acquisition of Twitter, Musk saidThis is not about the business aspect or economics of Twitter, but to ensure that Twitter continues to be a reliable speech platform in a democratic society.

Musk stressed that "this has nothing to do with making money", adding that "my strong intuition tells me that having a highly trusted and inclusive public platform is essential for the future of civilized society." "

As for whether there is a record if the acquisition of Twitter fails.Musk says he still has a lot of ideas, but he won't explain them until the right time.But he made it clear that he still had plan B."I don't like failure. "

Mr. Ske also said he had enough assets to carry out the deal, but did not provide details.

Bank of America deduces three endings

1. The first possible situation: the board of directors accepts the current offer.

Bank of America analysts say they see this as a "low probability scenario" because Twitter's board may think their company has greater potential based on internal growth targets and historical valuations. After all, Twitter shares have traded at as much as $73.34 in the past 12 months.

Analysts said the current offer was also "non-binding" and there was "significant uncertainty".

However, other top Wall Street analysts believe Twitter is likely to accept the offer. Wedbush's Dan Ives said he thought the "soap opera" would end with Musk owning Twitter.

2. The second possible scenario: Twitter's board of directors rejected the current offer and agreed to reach a higher price with Musk or other companies (some market participants pointed out that this is Musk's plan B).

In this case, shareholders can expect the final purchase price to jump by about 10% to $60 a share, analysts say.

"Mr. Musk said the $54.20 offer was final, but the board had a responsibility to explore all options for a higher price," the analyst wrote. "other social media or technology companies might be interested in Twitter. "

However, Brent Thill, an analyst at Jefferies, said a deal with another technology company was unlikely because of antitrust regulations.

"even if other technology companies want to do this, the government will say no to any big deal," Thill explained. "it's hard to say who the next logical participant will be. "

3、The third possible scenario:The board rejected the current and any revised offer, forcing Mr Musk to abandon his acquisition attempt.

According to Information, the Twitter board believes that Musk's offer is unpopular and is willing to fight for a better deal or a further listing.

If that happens, investors should expect Twitter's share price to fall to between $34 and $37, BofA analysts said. Given that the stock is currently trading at about $45 a share, analysts say investors believe Mr Musk is likely to abandon his offer altogether.

In addition, there are reports that Twitter's board of directors is considering a poison pill to prevent a hostile takeover by Musk.

Poison pill plan is a common means for listed boards to resist hostile takeovers, selling a large number of shares to existing shareholders through equity dilution in order to increase the cost of hostile acquirers.

If Musk is planning a hostile takeover, the Twitter board will launch the poison pill, or look for the White Knight (to introduce new strategic investors).It greatly increased the cost of his acquisition, forcing Musk to abandon the acquisition voluntarily.

33.pngNiu friends.

Musk proposes to buy Twitter at a high premium

Is it really for freedom of speech?

What might he call plan B:

Abandon the acquisition? Continue to increase the price? Or something?

Which of the endings of BofA is most likely to happen?

Let's come to the comment area to discuss the richest man's "new expansion plan".

Edit / phoebe

The translation is provided by third-party software.


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