Twitter shares drift towards Musk’s offer price as deadline looms

Twitter Inc’s stock inched closer to Elon Musk’s $54.20 per share buyout offer for the micro-blogging site on Wednesday, in a sign that investors are finally expecting the deal to go through ahead of a court deadline at the end of this week.

Shares of the social media company were last up 0.5 per cent at a near seven-month high of $53.05 in premarket trading, the closest they have come to Musk’s offer since it was announced in mid-April.

In the six months of dramatic back-and-forth since Musk announced his bid, Twitter initially resisted the deal by adopting a poison pill and later sued the world’s richest man after he announced plans to abandon his offer on concerns about spam accounts on the platform.