A brand new submitting with the Securities and Exchange Commission sheds mild on the Twitter board’s early conversations with billionaire Elon Musk as he determined to hitch the board, and later, abandon that plan and attempt to take over the corporate.

The board finally agreed to promote to Musk for $44 billion, although the Tesla CEO has stated the deal is on maintain as he research the variety of spam and bot accounts on the platform.

Tuesday’s submitting reveals a timeline of conversations from Twitter’s perspective within the lead-up to the deal, starting on March 26, when Musk reached out to former CEO Jack Dorsey “to discuss the future direction of social media.” That identical day, Musk additionally reached out to Twitter board member Egon Durban and the 2 mentioned the potential of Musk becoming a member of the board.

The following day, Musk spoke with Twitter board Chair Bret Taylor and CEO Parag Agrawal about his curiosity in Twitter, saying he was contemplating becoming a member of the board, attempting to take Twitter non-public or beginning a competitor.

After conferences between board members with Musk that included attorneys and bankers, they reached an settlement on Musk becoming a member of the board in early April, contingent on a background verify and different customary procedures.

On April 4, Musk reached out to Dorsey about his perspective on Twitter. Dorsey informed Musk he personally believes Twitter could be higher geared up to concentrate on execution as a non-public firm, in keeping with the submitting. Musk requested if Dorsey would keep on the board although he had already been set to depart, and Dorsey declined.

Soon after that dialog, the board accomplished Musk’s background verify and his appointment to the board was set to enter impact on April 9. Leading as much as that date, Musk and Agrawal continued discussing Twitter’s enterprise and merchandise in anticipation of his new position on the board. But earlier than the appointment got here into impact, Musk informed Taylor and Agrawal he would not be becoming a member of the board and would as an alternative make a proposal to take Twitter non-public.

That set off a frenzied few weeks the place Musk made what he referred to as his “best and final” supply to purchase Twitter at $54.20 per share. The board later adopted a so-called poison capsule or shareholder rights plan to stop Musk from shifting ahead with a hostile takeover. But he then floated the thought of a young supply, interesting to shareholders immediately in a takeover, which once more appeared to impression the calculus of the Twitter board’s resolution on whether or not the settle for Musk’s preliminary supply.

In the deliberations over the bid, the submitting reveals, Twitter’s board thought of its historic challenges in rising the enterprise and likewise decided it was “unlikely” different potential acquirers would have an interest or capable of purchase Twitter primarily based on regulatory, monetary and execution dangers. They additionally thought of that Musk might begin an unsolicited takeover and that Musk’s first supply was seemingly “the best value that Twitter could reasonably obtain” from him.

Ultimately, the board agreed to the deal. Later, on May 5, Musk publicly revealed he was talking with present stockholders, together with Dorsey, about retaining fairness within the newly merged firm. According to the submitting, Dorsey informed the corporate about these conversations and that he might find yourself holding fairness within the ensuing agency.

Since Musk made the supply, Twitter’s inventory has fallen together with the broader market, elevating questions for buyers about whether or not the deal can nonetheless make it throughout the end line. Musk hinted at an occasion that he might search to renegotiate the worth.

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Correction: Egon Durban is a member of Twitter’s board. An earlier model misspelled his identify.