Twitter Inc. is expected to turn down Tesla Inc. Chief Executive Elon Musk’s offer for the social-networking company, and private-equity powerhouse Apollo Global Management Inc. is considering whether to join in a bid, according to a Monday afternoon report. The Wall Street Journal reported after U.S. markets closed that leaders of Apollo, which owns the remnants of Yahoo, have discussed joining in a bid, either with Musk or with other bidders, for Twitter, according to unnamed sources. CNBC later reported that Apollo’s interest was focused on lending money to potential purchasers, not on a private-equity-style buyout. Some of the Journal’s unnamed sources said that Twitter is expected to formally rebuff Musk’s offer in the coming days, and that the company could detail its plans when reporting earnings on April 28. Musk has offered $54.20 a share for Twitter in hopes of taking it private. Twitter shares rose about 1% in after-hours trading Monday following the release of the report, after closing with a 7.5% increase at $48.45.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
