Takeover

Billionaire Elon Musk was sued by Twitter investors claiming he manipulated the company's stock price downward, as the chief executive of electric carmaker Tesla mounts a $44 billion (roughly Rs. 3,41,552 crore) takeover bid for the social media platform.The investors said Musk saved himself $156 million (roughly Rs. 1,211 crore) by failing to disclose that he had purchased more than 5 percent of Twitter by March 14. They asked to be certified as a class and to be awarded an unspecified amount of punitive and compensatory…

Nexperia’s plant in Newport, Wales, produces big wafers that eventually get chopped up and programmed into microprocessors. Photo: Horwood/Getty Images…

Saudi Aramco 2222 2.12% approached Valvoline Inc. VVV 12.42% about a potential takeover of its lubricants business, according to people familiar with the matter, as the state oil giant looks to diversify. No deal is imminent, and there are no guarantees there will be one, the people said. Valvoline has a market value of around $6 billion after its shares closed up more than 12%…

The U.K. government signed off on a deal to sell soccer club Chelsea FC for £4.25 billion, equivalent to around $5.3 billion, to a group led by Los Angeles Dodgers part-owner Todd Boehly. The U.K. Premier League team previously belonged to Roman Abramovich, a Russian oligarch who was sanctioned in the wake of the invasion of Ukraine. After Mr. Boehly’s consortium struck a deal with Mr. Abramovich, the U.K. government had to sign off on the transaction to…

Todd Boehly pictured after the Premier League match between Chelsea and Watford at Stamford Bridge, London on Sunday 22nd May 2022. The U.K. government has now approved the £4.25bn Boehly-led consortium's takeover of Chelsea.Ivan Yordanov/MI News | Nurphoto | Getty ImagesThe government has approved the £4.25bn Todd Boehly-led consortium takeover of Chelsea.After months of negotiations, the deal has finally been approved after the government received legal guarantees that Roman Abramovich — who has had his UK assets frozen…

Elon Musk wears many hats as Tesla CEO, SpaceX CEO, and founder of the Boring Company and Neuralink.He's also a prolific Twitter user. The news that Musk made a $44 billion offer to buy Twitter and potentially become the social media company's CEO has sent shock waves through Wall Street and social media."Forty-four billion continues to be a head-scratcher for a company that I believe is probably worth closer to $30 or $35 billion," said Wedbush analyst Dan Ives in an interview with CNBC. "But when you're the richest…

It is a tricky time to work at Twitter. Far beyond the usual uncertainty at an acquisition target, Mr. Musk’s $44 billion takeover deal has left employees bewildered about what their jobs are and will be, as well as how to keep operating a platform with around 229 million daily users while its would-be owner uses it to publicly assail the company for everything from its free-speech policies to its business model. Internal conversations and Slack channels are awash in distress and anger over the criticism, while company…

Twitter does not believe in free speech and people working at the company hate 'hated' Elon Musk's $44 billion (roughly Rs. 3,41,910 crore) bid to take control of the company, said a man, who is being described as a senior engineer with the social media giant.An American far-right activist group Project Veritas released a video purportedly showing a senior Twitter engineer Siru Murugesan admitting that the company has a strong left-wing bias, and that right-wingers were openly censored.Murugesan was caught on camera…

JetBlue launched a hostile takeover of Spirit Airlines after its earlier acquisition offer was rejected. The New York-based airline said in a release that its tender offer for $30-per-share was “all-cash” and “fully financed.” Earlier this month, Spirit’s board of directors rejected JetBlue’s $32-a-share bid to acquire the airline in favor of an existing merger agreement with Frontier, one of its ultra-low-cost competitors. The board cited antitrust issues and “an unacceptable level of closing risk” to its…

LaGuardia International Airport Terminal A for JetBlue and Spirit Airlines in New York.Leslie Josephs | CNBCJetBlue Airways launched a hostile takeover bid of Spirit Airlines on Monday after that carrier rejected JetBlue's $33 per share, all-cash offer earlier this month.JetBlue has said acquiring Spirit would give it access to a large fleet of Airbus planes, trained pilots and the ability to better compete against the "Big Four" U.S. airlines that control most of the U.S. market. Spirit rejected the offer to stick with a…