Shares of Twitter Inc. TWTR ticked higher on Monday afternoon on the news that the takeover company world apollo might be the last to bid for the social media platform.
What happened: After Tesla Inc. TSLA CEO Elon Musk made a $54.20 per share buyout offer for Twitter, many analysts and industry experts expected a higher price for the company.
While Musk has said this is his last bid for the social media platform, some expect him to submit a higher takeover bid for the company, of which he owns 9.1 %.
Outside of Musk, private equity has been highlighted as a potential acquirer.
buyout firm Global Apollo Management APO is considering making a bid for Twitter, according to a new report from The Wall Street Journal.
Apollo, which is one of the largest buyout companies in the world, also owns yahooa company that could come into play as a potential partner.
Related Link: This Twitter Board Member Didn’t Use His Verified Account, Called Out For Not Using His Own Product
Why it matters: It was reported in 2016 that Yahoo and Twitter were planning to merge. Twitter met with Yahoo’s management, including the CEO Marissa Mayer discussing a merger at the time. Sources told Twitter CEO Jack Dorsey was not part of the meeting.
Musk is reportedly working with potential partners on a renewed offer for Twitter that could include a price increase.
Along with Musk’s Twitter offer, private equity firm Thoma Bravo is expected to submit a counteroffer for Twitter and has reached out to the board about a potential deal. Twitter adopted a poison pill, making a hostile takeover unlikely.
Twitter releases quarterly results on April 28 in a highly anticipated event that could include more public commentary on company and CEO takeover rumors Parag Agrawal.
TWTR Price Action: Twitter shares rose on Monday at the close, ending the day up 8% at $48.51. The shares have traded between $31.30 and $73.34 over the past 52 weeks.