Post by The Ultimate Nullifier on Oct 14, 2016 12:01:44 GMT -6
variety.com/2016/digital/news/salesforce-will-not-buy-twitter-1201889213/
Salesforce Abandons Twitter Bid
Salesforce is not going to acquire Twitter, after all: The cloud business services company has nixed plans to bid for Twitter, according to a Financial Times report. The paper quotes Salesforce CEO Marc Benioff saying that Twitter was not the right fit for his company. “We’ve walked away,” said Benioff.
Salesforce was among a number of possible suitors ever since news broke last month that Twitter’s board was considering to sell the company. Other names floated in the media included Disney and Google, but both companies have since signaled that they’re not interested in an acquisition.
This left Salesforce as the last possible candidate known to the public, and reports suggested that Benioff was personally making the case for an acquisition. However, he faced significant headwinds from Salesforce investors, including large funds like Fidelity, which holds 14 percent of the company.
Salesforce was looking at a possible acquisition of Twitter after it lost a bidding war for Linkedin against Microsoft, which acquired the career-focused social networking site for $26 billion in June.
The news of Salesforce not making a move is bad news for Twitter investors who had hoped to make a quick buck on the sale of the company: Twitter shares had gained some 47 percent since news of a possible acquisition first broke in September. Much of that gain already evaporated over the last week as an acquisition started to look increasingly unlikely.
Twitter stock took another nosedive Friday on the news, falling close to 7 percent , with shares trading as low as $16.44, only to recover slightly soon after.
Developing.
Salesforce Abandons Twitter Bid
Salesforce is not going to acquire Twitter, after all: The cloud business services company has nixed plans to bid for Twitter, according to a Financial Times report. The paper quotes Salesforce CEO Marc Benioff saying that Twitter was not the right fit for his company. “We’ve walked away,” said Benioff.
Salesforce was among a number of possible suitors ever since news broke last month that Twitter’s board was considering to sell the company. Other names floated in the media included Disney and Google, but both companies have since signaled that they’re not interested in an acquisition.
This left Salesforce as the last possible candidate known to the public, and reports suggested that Benioff was personally making the case for an acquisition. However, he faced significant headwinds from Salesforce investors, including large funds like Fidelity, which holds 14 percent of the company.
Salesforce was looking at a possible acquisition of Twitter after it lost a bidding war for Linkedin against Microsoft, which acquired the career-focused social networking site for $26 billion in June.
The news of Salesforce not making a move is bad news for Twitter investors who had hoped to make a quick buck on the sale of the company: Twitter shares had gained some 47 percent since news of a possible acquisition first broke in September. Much of that gain already evaporated over the last week as an acquisition started to look increasingly unlikely.
Twitter stock took another nosedive Friday on the news, falling close to 7 percent , with shares trading as low as $16.44, only to recover slightly soon after.
Developing.