Business
Twitter in advanced takeover talks with Elon Musk
Twitter is nearing a deal to sell the micro-blogging company to Elon Musk, two people with knowledge of the situation said, a move that would unite the world’s richest man with the influential social networking service.
Twitter’s board continued negotiation with Musk into the early hours of Monday over his unsolicited bid to buy the company, after he began lining up $46.5 billion in financing for the offer last week.
The York Times stated this in a report quoting some insiders, who spoke on the condition of anonymity because they were not authorised to disclose confidential information.
The two sides were discussing details including a timeline to close any potential deal and any fees that would be paid if an agreement were signed and then fell apart, they said.
The discussions followed a Twitter board meeting on Sunday morning to discuss Musk’s offer, the people said.
Obtaining commitments for the financing was a turning point for how the board viewed Musk’s bid of $54.20 a share, enabling the company’s 11 board members to seriously consider his offer, the people said.
An agreement is not yet final but what had initially seemed to be a highly improbable deal appeared to be nearing an endgame.
The situation involving Twitter and Musk remains fluid and fast-moving, the people with knowledge of the situation said.
Musk, who has more than 83 million followers on Twitter and began amassing shares in the company earlier this year, declared his intent to buy the company on April 14 and take it private.
But his proposal was quickly dismissed by Wall Street because it was unclear if he could come up with the money to do the deal.
Twitter also adopted a “poison pill,” a defensive maneuver that would prevent Musk from accumulating more of the company’s stock.
Musk updated his proposal last week, putting pressure on Twitter to more seriously consider his bid.
In a securities filing that was made public on Thursday, he detailed how he had put together financing from the investment bank Morgan Stanley and a group of other lenders, which were offering $13 billion in debt financing, plus another $12.5 billion in loans against his stock in Tesla, the electric carmaker that he runs. He was expected to add about $21 billion in equity financing.
A Twitter spokesman declined to comment. In previous public statements, the company had said its board was “continuing to conduct a careful, comprehensive and deliberate review to determine the course of action in the best interest of the company and all Twitter stockholders.”
Musk did not respond to a request for comment either. The Wall Street Journal earlier reported Twitter’s increased receptivity to Musk’s bid.
Wall Street was likely to view the openness of Twitter’s board to Musk’s bid as “the beginning of the end for Twitter as a public company with Musk likely now on a path to acquire the company unless a second bidder comes into the mix,” Dan Ives, an analyst at Wedbush Securities, wrote in a note on Sunday.
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
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Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
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