The Walt Disney Company will not be going ahead with a bid to acquire Twitter Inc. according Recode, citing sources. In a separate report, the publication said Alphabet Inc.’s Google has also dropped out as a suitor, while Apple Inc. was unlikely to make an offer either. Shares of Twitter fell 13.6% in premarket trading on Thursday, while Disney shares were unchanged. Shares of Salesforce.com rose 1.3%, as that company remains in the frame as a possible buyer for the social media company.
Google and Disney have not made any comments regarding this.
The Walt Disney Co. is working with a financial adviser to evaluate a possible bid for Twitter Inc., according to people familiar with the matter.
After receiving some inbound interest, Twitter started a process to evaluate a potential sale. Salesforce.com Inc. is also considering a bid, working with Bank of America on the process, according to other people, who declined to be named because the matter is private.
Representatives for Twitter and Disney didn’t immediately respond to requests for comment.
Speculation that Twitter will be sold has been gathering steam in recent months, including last week’s news about Salesforce’s interest. Twitter’s share price soared 21 percent Friday following reports of the talks. Disney, if it decides to make a bid, would be able to help the company further its video-streaming media strategy. Jack Dorsey, chief executive officer of Twitter, is also on the board of Disney.