Musk says he has enough money to complete his bid to buy the micro-blogging site. He confirmed in a new SEC filing that he has secured the full $46.5 billion in funding from Morgan Stanley and other financial institutions. Musk floated the idea of a tender offer to buy the social network in order to circumvent the poison pill defense of his first offer.
A tender offer would appeal directly to the company's shareholders. If Musk decides to pursue his Plan B, he would be offering to buy out all of the shareholders of the company for $54.20 per share. He would gain a controlling interest in the company if enough shareholders sold to him. A hostile takeover can be associated with tender offers because they circumvent the company's leadership and appeal directly to shareholders.
It can be more expensive for the buyer. If another bidder appeals to shareholders, they can raise the price and Musk will have to pay more to get a majority. Apollo Global Management, which owns Yahoo, has expressed an interest in buying the social network.
Musk's tender offer plan won't be a surprise to his millions of followers. The night is the one he referred to in the message.
_______ is the Night
— Elon Musk (@elonmusk) April 20, 2022
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