Elon Musk’s proposed $54.20-a-share acquisition of Twitter is still far from final.
Photo:
Patrick Pleul/Press Pool
Twitter Inc.
TWTR 0.63%
said Friday the window has closed for federal antitrust regulators to block
Elon Musk’s
proposed $44 billion acquisition of the social-media company, removing another barrier to the transaction.
The company said the 30-day waiting period established under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, which gives the Federal Trade Commission and Justice Department time to review a transaction for potential antitrust violations, expired for the deal Thursday night.
Mr. Musk’s proposed $54.20-a-share acquisition is still far from final, after the
Tesla Inc.
CEO said the deal was on hold last month until he could get a handle on the number of fake accounts operating on the platform. He added later that he remained committed to the acquisition.
Mr. Musk’s statements caused some analysts to believe the billionaire may be looking to renegotiate or scrap the deal in light of declines in Tesla’s stock price and a broader selloff of tech stocks.
Twitter has said it is proceeding with the transaction.
Since Mr. Musk made his comments about pausing work on the deal, he has adjusted his financing plans for the transaction, indicating he is also proceeding with preparations for the deal to close. He committed more of his wealth to finance the purchase and signaled, in a regulatory filing, he is seeking additional financial backers amid a sharp decline in Tesla stock.
The deal still has to go to Twitter shareholders for a vote. Twitter shares were up around 1% in early Friday afternoon trading.
Write to Dean Seal at [email protected]
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Appeared in the June 4, 2022, print edition as ‘Key Window for Musk-Twitter Deal Closes.’
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