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From hostile acquisitions to pill plans, the drama escalates.
Financial Associated Press (Shanghai, editor Xiaoxiang) news, from hostile acquisitions to poison pill plans, as Musk's acquisition of Twitter's technology industry drama continues to escalate, Wall Street financial giants may also be indispensable behind their backs "advice", a business war version of the "military alliance" seems to be quietly staged...
According to local media on Friday, citing people familiar with the matter, Twitter has now hired a second investment bank, JPMorgan Chase, to help it deal with Musk's hostile acquisition. Prior to this, it was reported that Twitter also hired Goldman Sachs to provide consulting services for its acquisition of Musk.
At the same time, on Musk's side, it is natural that the Wall Street "think tank" is indispensable. According to a filing filed Thursday, Morgan Stanley is advising Musk.
The move could bring some of Wall Street's top consulting firms to the table, and whether or not the biggest hostile acquisition in years ended up, it could pay off handsomely for the financial firms.
JPMorgan chase and Musk have had a history of fighting in the past, and even continue to this day. JPMorgan Chase and Musk's electric car giant Tesla still have lawsuits, some of which are related to Musk's tweet in 2018 to take Tesla private. The parties are scheduled to appear in court next week.
Compared with JPMorgan Chase, although the next may be in the "opposing camp", the relationship between Goldman Sachs and Musk has always been good. Goldman Sachs' business partnership with Musk dates back more than a decade. The New York-based investment bank underwrote Tesla's 2010 initial public offering: Goldman Sachs was the lead underwriter in the prospectus at the time, while Morgan Stanley was second.
However, Goldman Sachs, a longtime Twitter consultant, may not be able to advise Musk because of his role in the social media company.
Fortunately, for Musk, there is morgan Stanley behind it now. According to people familiar with the matter, Damo has sent a team of top tech bankers led by Michael Grimes to assist the billionaire, who has asked for anonymity because the matter has not been made public.
In 2018, Musk hired Morgan Stanley to advise on plans to take Tesla private.
It is worth mentioning that according to the data compiled by Bloomberg, Goldman Sachs and Morgan Stanley have often competed with each other in the ranking of mergers and acquisitions for many years, which can be described as equal. Currently, Goldman Sachs is temporarily in first place.
Musk on Thursday proposed to buy Twitter for $54.20 per share in cash, with a total deal value expected to reach $43 billion. Musk is also looking for multiple potential investors to buy Twitter, which could announce new acquisition plans in recent days. In response to Musk's hostile acquisition, Twitter on Friday announced the details of the "poison pill" plan to block Musk's acquisition. This will allow the company's original shareholders to obtain a large number of shares in the company at a lower price, thereby driving up the cost of the acquirer.
Under the advice of the Wall Street "think tank", it is better to wait and see how this acquisition drama that shocked the global financial market will end.
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