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Oracle Readies $20BN Bid For TikTok As Offers From Microsoft, Others Expected In The Coming Days

Courtesy of ZeroHedge View original post here.

Update (1045ET): According to the scuttlebutt shared on CBC earlier, TikTok CEO Kevin Mayer decided to step aside after being cut out of buyout talks involving Microsoft. At least that's one version of the story.

There's been some other TikTok deal-related news Thursday morning, with Oracle reportedly readying a $20 billion cash and stock bid.

  • ORACLE SUBMITS BID FOR TIKTOK IN $20B STOCK AND CASH DEAL: WRAP

In its latest report citing multiple anonymous sources close to the deal talks, CNBC laid out the current landscape of the deal. It looks like ByteDance has settled on selling, but the company is counting on a fierce bidding war that satisfies Beijing's demands that the optics not make it look like a "smash & grab" theft of a business.

According to CNBC, Mayer was originally going to announce his decision to step down along with the sale agreement next week, but he decided to push up the announcement after somebody apparently leaked it to the press. Mayer joined TikTok earlier this year after running Disney’s streaming video operations, and had only been in charge of the business for 3 months. Apparently, he wasn't as effective at quieting regulators' concerns as the company had probably hoped when it hired him.

Vanessa Pappas, the head of TikTok’s US business, will now take over TikTok. ByteDance still hasn’t decided on a buyer for the hot social media app, and it's still discussing bids from Oracle, Microsoft and a third US company believed to be Wal-Mart, which is reportedly putting together a bid with SoftBank, a Japanese telecoms conglomerate/VC firm that is adept at cutting massive checks for ownership stakes in hot tech startups. Another, unknown, bidder is also reportedly working on a bid.

Although Walmart has been working with SoftBank, because that offer doesn’t include a cloud technology backbone component, it is likely a nonstarter, according to CNBC's sources.

Spokespeople for TikTok and SoftBank declined to comment to CNBC, while the financial news network's reporters weren't able to reach anybody from WalMart's comms team.

News of Oracle's bid for the social media startup prompted a string of jokes from the twitter peanut gallery.

* * *

Hours after TikTok's American CEO quit the company due to the increasingly untenable geopolitical pressure, the financial press is reporting that a deal for Microsoft to buy TikTok's US business could be announced in the next 48 hours.

Mayer resigned earlier  amid reports that Oracle and Microsoft were both pursuing a deal, while Google parent Alphabet affirmed that it was not considering an offer for TikTok.

Now, it appears Microsoft has managed to convince TikTok's management that a tie-up with one of the world's biggest and most storied tech firms would carry fewer risks and be more lucrative than a deal with Oracle.

Trump has signed two executive orders targeting TikTok and seeking to bar its use in the US if Chinese parent ByteDance doesn't agree to sell the US business to an American company.

  • TIKTOK SALE TO MICROSOFT COULD COME IN THE NEXT 48 HOURS: CNBC

It all sounds vaguely contradictory: why would Mayer quit if a deal was within his grasp? We feel like now would be a good time to remind readers to take all of this deal speculation with a grain of salt.


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