Investing.com – Shares in Twitter Inc (NYSE:TWTR) tumbled more than 12% in pre-market trade on Thursday on reports that potential bidders to acquire the social media network were backing out of the running.
In the latest report, Disney has decided not to go forward with a bid, according to Recode, citing sources familiar with the company.
The same tech news site reported earlier that Alphabet's (NASDAQ:GOOGL) Google had also dropped out of the running and that an offer from Apple Inc (NASDAQ:AAPL) would be unlikely.
Amid these three reported withdrawals, Salesforce.com Inc (NYSE:CRM) would become the most likely front-runner.
Salesforce.com chief executive Marc Benioff is looking to make a “splashy acquisition” and has touted Twitter as an “unpolished jewel” offering untapped potential advertising and data-rich applications, according to a recent report from The Wall Street Journal (WSJ).
However, Benioff refused to comment directly on any interest in the social platform in an interview on Wednesday with CNBC.
Meanwhile, Reuters reported that Twitter had told potential bidders that it planned on concluding sales deliberations by the time it reports earnings on October 27.
Twitter has long been the subject of on-again, off-again buyout speculation. Thursday’s pre-market losses would place its shares below the $22.62 mark reached at the close on September 23 when the latest bout of speculation began. Twitter closed that day with a gain of 21%.
At 4:41AM ET (8:41GMT), shares were down 12.59% at $21.73.