There is a new development and a new SEC filing.
Musk confirmed in a new filing that he has secured funding for his bid to take the company private. According to the filing, Musk has secured $46.5 billion in funding.
Morgan Stanley is included in the filing as one of the banks that has lent $13 billion in the form of three different loans.
Musk's stake in the company remains at 9.1% according to this latest filing. The filing acknowledges that the poison pill strategy was used by the company and that they haven't responded to Musk's initial proposal. Because of the latter, Musk is considering a tender offer to acquire all of the outstanding shares of common stock.
According to Investopedia, a tender offer is an invitation to current shareholders to sell their stock for a certain price. At the time of this writing, the price of a share of Twitter is $46.74.
Even though Musk has secured funding and is considering a tender offer, it doesn't mean a takeover is certain. The following sections seem to indicate that the bid is just as likely to fail as the others.
There is no assurance that a definitive agreement with respect to the Proposed Transaction will be executed or that the Proposed Transaction will be completed. There is no certainty as to whether or not the Letter will be responded to by the issuer or as to the timetable for execution of any definitive agreement. The Reporting Person has the right to modify the terms of the Proposal at any time. The Letter and this Schedule 13D are not meant to be an offer to buy or solicitation of an offer to sell any of the securities of the issuer. This Schedule 13D is not an offer to purchase or a solicitation of an offer to sell shares of Twitter.
The Reporting Person has not yet commenced or determined to commence a tender offer.
The offer is still up in the air, even though it is clear that Musk is able to purchase.
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