On April 25, 2022, Twitter, Inc. announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company. Wilson Sonsini advised Twitter on the transaction.
Under the terms of the agreement, Twitter stockholders will receive $54.20 in cash for each share of Twitter common stock that they own upon closing of the proposed transaction. The purchase price represents a 38 percent premium to Twitter's closing stock price on April 1, 2022, which was the last trading day before Elon Musk disclosed his approximately 9 percent stake in Twitter. The transaction, which has been unanimously approved by Twitter’s board of directors, is expected to close in 2022, subject to the approval of Twitter stockholders, the receipt of applicable regulatory approvals, and the satisfaction of other customary closing conditions.
The Wilson Sonsini team that advised Twitter on the transaction included:
Corporate/M&A
Katie Martin
Marty Korman
Doug Schnell
Remi Korenblit
Lisa Stimmell
Gordon Grafft
Dennise Martinez
Courtney Matteson
Helen Qi
Brandon Mayhew
Employee Benefits and Compensation
John Aguirre
Corporate Finance
Erik Franks
Mike Occhiolini
Dana Hall
John Mao
Andrew Ralston
Michael Rosati
IP/Privacy and Cybersecurity
John McGaraghan
Scott McKinney
Matt Staples
Daniel Chen
Delaware Law
Amy Simmerman
Ryan Greecher
Dan Iqbal
Regulatory
Stephen Heifetz
Josh Gruenspecht
Litigation
Nicki Locker
Evan Seite
Jeremy Gagas
For more information, please see Twitter's press release.