A Bloomberg news reporter tweeted on Tuesday that billionaire Elon Musk is anticipated to propose moving through with his acquisition of Twitter Inc. at $54.20 a share.
The price of Twitter shares was up 12.7% at $47.93 when trading was again suspended.
Musk’s attorneys and Twitter were unavailable for comment right away.
This month, Musk and Twitter were scheduled to appear in court. Twitter was asking the judge to require Musk to consummate the transaction at $54.20 per share.
Musk agreed in April to buy Twitter for $44 billion, but within weeks said the number of bot accounts was much higher than Twitter’s estimate of less than 5% of users.