Twitter has brought on a second investment bank, JPMorgan Chase & Co, to help it respond to Elon Musk’s hostile bid, according to people familiar with the matter.
The largest U.S. bank started work recently to assist Twitter in talks with potential buyers, the people said, asking not to be identified because the matter is private.Besides Musk’s offer, Twitter has been fielding takeover interest from other parties, including technology-focused private equity firm Thoma Bravo, according to one of the people familiar. The New York Post reported Thoma Bravo’s interest on Thursday.
JPMorgan is the latest Wall Street heavyweight to become involved with Musk’s quest to buy Twitter, and joins Goldman Sachs Group Inc. in helping deal with the 50-year-old billionaire. Morgan Stanley is working with Musk.JPMorgan’s involvement is also a blow to the boutique investment banks, who have been increasingly competing for market share against the bulge brackets.
This time around, no boutique investment bank appears to be involved although companies tend to add on more advisers as transactions drag on.
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