Private equity firm Apollo Global Management APO is open to teaming up with Tesla Inc TSLA CEO Elon Musk or any other bidder to finance a Twitter Inc TWTR buyout, the New York Post reported on Monday, citing people familiar with the matter.
What Happened: Apollo is the latest private equity firm after Thoma Bravo LP last week reportedly contacted Twitter to express interest in putting together an acquisition offer that would rival Musk's $43 billion bid, it was reported earlier in the day, citing the Wall Street Journal.
Apollo’s participation to finance a deal would reportedly be through its credit investment platform and not its private equity business.
Why It Matters: Twitter had on Friday adopted a limited duration shareholder rights plan, popularly known as a “poison pill,” in a bid to thwart Musk’s hostile takeover efforts.
Musk later tweeted “Love Me Tender,” suggesting he may make a tender offer to buy shares directly from Twitter shareholders.
The microblogging site may provide more details during its quarterly earnings due on April 28.
Price Action: Twitter stock closed 7.5% higher at $48.5 a share on Monday.
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