Oct 10 Shares of Twitter Inc slumped
more than 13 percent in premarket trading on Monday after a
weekend Bloomberg report that the social media company was
unlikely to receive any bids.
Salesforce.com Inc, Alphabet Inc's Google
and Walt Disney Co, which had worked with banks on a
potential acquisition, are unlikely to proceed, Bloomberg
reported on Saturday, citing people familiar with the matter.
Twitter had planned to hold a board meeting with outside
advisers on Friday to discuss a sale but canceled, Bloomberg
reported, citing one person familiar with the matter.
Twitter shares plunged about 20 percent over the final two
days of last week after technology website Recode reported that
Google, Disney and Apple were not interested in buying the
company, which put itself up for potential sale in September.
Salesforce Chief Executive Mark Benioff had publicly
expressed his interest in Twitter, but stopped short of saying
the company would make a bid.
Twitter's stock, which closed at $19.85 on Friday, fell to
$17.28 in premarket trading on Monday. At that price, the
company has a market value of $12.23 billion, compared with
almost $53 billion at its peak in December 2013.
Twitter, struggling with stagnant user growth and continuing
losses, had told potential acquirers it wanted any deliberations
on a sale to conclude by the time it reported third-quarter
results on Oct. 27, Reuters reported on Wednesday.
Many investors and analysts believe that Twitter, co-founded
and run by Jack Dorsey, does not have a clear back-up plan if it
is not acquired.
(Reporting by Narottam Medhora and Anya George Tharakan in
Bengaluru; Editing by Ted Kerr)