Twitter shares fall in Europe after deal interest cools

2016-10-10 15:37 - Aaron Ricadela
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Twitter. (Marcio Jose Sanchez, AP, file)

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Frankfurt - Twitter Inc. fell as much as 10.6% in Frankfurt trading on Monday after potential bidders were said over the weekend to have lost interest in making offers to buy the company.

Twitter was down 9.9% to 15.95 euros at 1:52 p.m. in Frankfurt. The shares had closed at 21.87 euros on Oct. 5 after companies including Alphabet Inc.’s Google, Salesforce.com Inc. and Walt Disney Co., weighed acquiring the social-media company.

San Francisco-based Twitter had pursued a sale amid difficulty significantly boosting users or advertisers, though its leadership was split on the decision.

READ: Twitter plunges as buyout hopes fade

The board had hired Goldman Sachs Group Inc. and Allen & Co. to pursue a sale in September, Chief Executive Officer Jack Dorsey opposed a sale, while co-founder and board member Ev Williams supported one.

Now its suitors are unlikely to make a bid amid pressure from their investors, according to people familiar with the matter. At Salesforce’s investor conference last week, investors told executives they weren’t pleased with the notion of a Twitter buyout and some shareholders emailed Salesforce’s CFO.

Shares of Twitter on its primary New York listing fell Friday, the last day of US trading, by less than 1% to $19.85 and are down 36% in the past year.

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