(Reuters) – Elon Musk has threatened to walk away from his $44 billion buyout deal for Twitter Inc if the social media company fails to provide data on spam and fake accounts.
Meanwhile, Twitter stock has consistently traded below Musk’s offer price of $54.20 per share since the announcement of the deal on April 14.
Below is a snapshot of the Twitter takeover saga.
Date Development Twitter share
reaction
April 4 Elon Musk discloses over 9% stake in Jumps as much
Twitter as 31%
April 5 Twitter says Musk will join company’s Rises over 9%
board
April 10 Musk says he will not join Twitter Falls 3.3%
board
April 14 Musk offers $54.20/share, a 38% Rises 6%
premium to Twitter’s April 1 closing
price
April 15 Twitter adopts poison pill to protect Gains 1.4% in
company from takeover next session;
trails offer
by 13%
April 21 Musk lines up $46.5 billion in Adds 2.6%,
financing for the deal but still
trails Musk’s
offer by
11.5%
April 25 Twitter board accepts Musk’s offer Climbs ~7%;
trades 3.5%
below offer
price
April 29 Musk sells Tesla shares worth over $8 Rises 2.3%;
billion in a bid to finance takeover trades 7.3%
below offer
price
May 2 Musk seeks to get more external Falls 0.8% in
investors the next
session;
trades ~10%
below offer
price
May 5 Musk discloses $7.14 billion funding; Rises 4.4%;
sources tell Reuters that Musk could trades 5.5%
temporarily lead Twitter after deal below offer
closes price
May 11 Twitter co-founder Jack Dorsey says he Falls ~6% in
will not return as CEO if offered the next
session;
trades 20%
below offer
price
May 13 Musk says Twitter deal on hold pending Drops 11%
review of spam and fake accounts. before paring
Later tweets that he remains committed losses;
to the deal trades 26%
below offer
price
May 25 Twitter investors vote against Rises ~6% in
re-electing Elon Musk ally to board the next
session;
Musk pledges more equity to fund trades 27%
Twitter deal, scraps margin loan below offer
price
May 26 Musk sued by Twitter investors for Rises ~6%;
stock ‘manipulation’ during takeover trades 27%
bid below offer
price
May 27 SEC looking into Musk’s Twitter stake Rises 1%;
purchase trades 26%
below offer
price
June 6 Musk threatens to walk away from the Drops 4%;
buyout deal if Twitter fails to trades 29%
provide data on spam and fake accounts below offer
price
(Reporting by Yuvraj Malik and Akash Sriram in Bengaluru; Editing by Sweta Singh, Shinjini Ganguli and Devika Syamnath)
