CALIFORNIA: Twitter receives expressions of interest from several technology or media companies and may receive a formal bid shortly, according to CNBC reports.
Twitter is currently in conversations with potential suitors that includes Google and Salesforce.com among others.
Shares of Twitter were up more than 15 percent pre-market and has climbed further after the news surfaced that suitors the testing the possibility of a deal and evaluating Twitter’s interests to engage on that chances.
Twitter’s board of directors is said to be desirous of a deal, according to people close who were aware about the development, but no sale is imminent. There is no commitment that the deal will materialize, but one source who was aware about the development said that the company is picking up momentum and that there are possibilities that in a deal before year-end, according to CNBC reports.
Suitors are are said to be eager as much in the data that Twitter generates as its place as a media company.
Salesforce.com’s chief digital evangelist, Vala Afshar, tweeted about Twitter after the report. Earlier, Wall Street Journal reported that Salesforce would have bid for LinkedIn, which later reached a deal with Microsoft.
1 personal learning network
2 the best realtime, context rich news
3 democratize intelligence
4 great place to promote others
— Vala Afshar (@ValaAfshar) September 23, 2016
The company’s move comes after Mark Mahaney, RBC tech analyst downgraded Twitter to “underperform” from “market perform,” predicting a 25 percent drop in the stock due to ad revenue.