Apollo Global Management ready to fund an acquisition on Twitter: sources

Private joint stock company Apollo Global Management held discussions about funding a potential takeover Twitteraccording to sources close to the matter.

But Apollo is not interested in being part of a private equity consortium that will acquire the social media company, the people who requested anonymity said because the discussions were private. Any financing Apollo provides will likely be in the form of preferred equity, one of the people said.

Elon MuskCEO of Tesla and SpaceX and the richest man in the world, offered to buy Twitter for $43 billion last week. Twitter’s board is likely to turn down that offer, according to a report by the Wall Street Journal. Financing sources, however, are looking at the possibility of lending to Musk or another potential buyer, the people said. Twitter already has negative cash flow last year, making it an unusual candidate for a leveraged buy.

On Friday, Twitter adopt a fixed-term shareholder rights plan, commonly known as the “poison pill”, in an attempt to fend off a potential enemy takeover. The next day, Musk tweeted “Love Me Tender,” suggesting that he could make a stock offer directly from Twitter shareholders.

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