Twitter board said set to meet at 10am to discuss Elon Musk bid (update)
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Update 12:48pm: Adds further details on Twitter board meeting.
Update 12:35pm: Adds Musk scheduled to speak at Ted event at 12:45pm.
Twitter (NYSE:TWTR) board is said set to meet at 10am to discuss Elon Musk's $54.20/share offer for the social media platform, according to CNBC's David Faber. Twitter shares gained 6.2%.
Faber said it wasn't clear if the Twitter (TWTR) board meeting was set for eastern or pacific time. Musk is scheduled to speak at a TED event at 12:45pm.
Twitter is not expected to decide on Musk's bid at Thursday's meeting, according to a Reuters report, which cited a source familiar. The board is discussing the parameters of the valuation process and then it will tell its advisers to review the offer.
Separately, Reuters also reported that Twitter is scheduled to hold an all hands meeting with employees at 2pm Pacific time to discuss the Musk offer. Reuters also reported earlier that Twitter was reviewing the Musk offer with advice from Goldman Sachs.
Tesla (TSLA) founder Elon Musk is offering to buy Twitter (TWTR) for $54.20 per share in cash, according to a regulatory filing Thursday. The deal would value the company at about $43B and is what Musk says is his "best and final offer".
Stifel analyst Mark Kelley, in a note entitled "Full Blown Elon Circus - Downgrade to Sell," cut Twitter (TWTR) to hold from sell and sees significant downside if Musk abandons his offer.
"We believe this sets a near-term ceiling on shares, detaches the company from fundamentals, and offers significant downside rise if Mr. Musk decides to abandon his offer or sell down his stake," Kelley, who has a $39 price target, wrote in the note.
Separately, J.P. Morgan analyst Doug Anmuth wrote that he expects that the Twitter (TWTR) board will not accept Musk's bid. He said the shares have significantly better upside if the social media company can execute on its own plan.
Anmuth, who has an overweight rating on Twitter, wrote that Musk's $54.20/share offer suggests a multiple of ~6x revenue and ~28x EBITDA on J.P. Morgan's 2023 estimates, which is in line with his $56 price target for the shares.
"However, it is also at levels the shares were trading at in November and well below the March 2021 highs," Anmuth wrote. "We believe the shares have significantly greater upside if management is able to execute on its plan to innovate on product, grow the user base ~20%, and build out direct response advertising."
Earlier, Elon Musk's move to buy Twitter likely to end in 'soap opera ending': Wedbush.