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Twitter shares continued sliding on Monday following a report that bids for the struggling company are unlikely.
Bloomberg reported on Friday that potential suitors including Google, Salesforce, and Walt Disney are unlikely to make a bid. Citing a person familiar with the matter, the report said a board meeting that was scheduled with outside advisers to discuss a sale was cancelled on Friday.
Twitter shares fell by as much as 13% to $17.22. The stock has lost 25% of its value this year, and is below the initial public offering price of $26 when it went public in November 2013.
The company is reportedly looking for a buyer as it struggles to grow its user base, and as it makes a big push towards live video streaming.
Salesforce CEO Marc Benioff suggested last Thursday that he was not interested in buying “a company that shall not be named,” which by all indications was Twitter. Salesforce investors applauded the remarks, sending the stock up 4% after the comments.
And in a note late in September, Citi analysts laid out the case against a Disney/Twitter tie up. They cited the failed AOL/Time Warner deal to illustrate that mergers between tech and traditional media companies do not usually work out.