Twitter gains after HSR waiting period for Elon Musk sale expired
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Twitter (NYSE:TWTR) rose 2.3% in premarket trading after announcing that the HSR waiting period for the company's planned $44 billion sale to Elon Musk expired.
The HSR waiting period expired at 11:59 pm EDT on Thursday, according to a statement.
The U.S. antitrust approval represents a step forward in Tesla (TSLA) CEO Musk's planned $54.20/share purchase of Twitter. The deal is said to have drawn the interest of regulators on potential national security concerns due to some foreign investor involvement, according to a Washington Post report on Wednesday.
Some of the foreign backers of the proposed Twitter (TWTR) deal have drawn interest from The Committee on Foreign Investment in the U.S., or CFIUS, according to the Washington Post item.
Not only is CFIUS reportedly looking at the transaction, but the deal is also under SEC scrutiny.
Musk had originally agreed to purchase TWTR for $54.20 per share. Musk has implied that he would like to renegotiate the buyout deal at a lower price. So far, the billionaire has largely pointed to doubt around fake and spam TWTR accounts.
Last month, Venture capitalist Jim Breyer said Twitter intrinsic value is $25 to $30/share and that Musk Elon Musk "is paying too much for Twitter."