While speaking on CNBC News, Roth Capital Partners analyst Craig Irwin has claimed that Apple made a “serious bid” to buy Tesla back in 2018, with the offer estimated to be around $240 per share.
According to AppleInsider ^(https://www.appmarsh.com/link/https://appleinsider.com/articles/19/05/21/apple-made-informal-bid-to-buy-tesla-at-240-per-share-in-2018), Irwin insisted that “multiple checks” were made with several sources and he has “complete confidence” that it is “credible”.
The analyst added that it is unclear how far along the alleged negotiations went, such as a “formal paperwork stage” that would signal an intent to purchase.
It must be noted that other than the word of Irwin that Apple made such a bid nearly 6 years ago, there is no other evidence or claim that such a bid ever existed.
A profile of Apple’s mergers and acquisitions chief Adrian Perica in February 2018 included references to a meeting between Tesla CEO Elon Musk and Apple CEO Tim Cook in Cupertino in 2018, at around the same time as a German analyst wrote an open letter to Cook suggesting an Apple purchase of Tesla. That report cited multiple sources about the supposed meeting, but again with little proof it actually took place.
Interestingly, Tesla is valued at around $205 per share even today, which is way below the $240 supposed bid made by Apple all those years ago.
It was rumored for quite a long time that Apple was interested in making a full-fledged car ^(https://www.appmarsh.com/link/https://www.appmarsh.com/2018/07/apple-car-release-delayed-to-2021/). Since the company has no experience making cars, it was also rumored that Apple would use its massive cash pile to just acquire a car manufacturer and hit the ground running. Many have felt that Tesla would be a good acquisition for Apple and an analyst is now claiming that Apple did make a “serious bid” for Tesla back in 2018.
Roth Capital Partners analyst Craig Irwin claimed ^(https://www.appmarsh.com/link/https://appleinsider.com/articles/19/05/21/apple-made-informal-bid-to-buy-tesla-at-240-per-share-in-2018) while speaking to CNBC that Apple had made a serious bid to acquire Tesla in 2018 by offering around $240 per share. It’s not known just how far the negotiations went at that point in time because no formal bid was ever made by the company.
Irwin does say that he made “multiple checks” with more than one source and that he has “complete confidence” that this information is credible. We can only take his word for it because there are no other reports including from 2018 which would suggest that there were talks between Apple and Tesla for an acquisition.
Apple’s car ambitions with Project Titan were later shifted to self-driving technology as opposed to developing actual cars. Whether the company may want to look at Tesla as an acquisition target again remains questionable. However, with Tesla now hovering at just over $200 per share, it’s a considerably more attractive deal compared to the $240 it’s claimed to have offered six years ago.