FOG BLOG U.S. NEWS LOG: ELON MUSK'S TAKEOVER BID FOR TWITTER , SUCCESSFUL!

Elon Musk to buy Twitter for $44B US...2 sides negotiated into early hours of Monday to hash out deal...

• Royal Bank and CIBC among lenders who helped finance bid

Elon Musk has sealed a deal to acquire Twitter for $44 billion US. The move comes after the richest man in the world started buying shares in the company in March, complaining that the social media network wasn't doing enough to ensure free speech. The company rebuffed his advances for weeks before the two sides struck a deal over the weekend that was made official on Monday. The purchase price of $54.20 a share is a 38 per cent premium to what the shares were worth before Musk's stake became public. "The Twitter board conducted a thoughtful and comprehensive process to assess Elon's proposal with a deliberate focus on value, certainty, and financing," Twitter chairman Bret Taylor said. "The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter's stockholders."