(Reuters) – Many analysts, investors and bankers anticipate this. Twitter Inc (NYSE:) Board of Directors rejects Elon Musk’s offer to acquire the company for $43 Billion in the next days. But how will the social media company proceed then?

After Musk revealed his offer on Thursday, shares of Twitter fell because the market felt it was too low and not enough detail about financing. Twitter’s board currently evaluates the proposal and most analysts and investors agree that it will be rejected, absent any modifications from Musk.

If Twitter decides to reject Musk’s offer, there are a few options that it can choose from:

BUY MORE TIMES

Twitter’s board might decide against engaging in talks with Musk. Instead, it may give more time and attention to Parag Agrawal as Chief Executive of the company to achieve its operational targets. Last week, the board approved a poison pill that will prevent Musk from holding more than 15% without it consenting. This could be a win-win situation for Musk. It is also not facing any short-term problem because investors were able to present their nominees by May’s deadline.

Agrawal was previously Twitter’s chief tech officer and succeeded Jack Dorsey as CEO of the company in November.

Agrawal in February stated that he is sticking to the ambitious revenue growth and user growth targets that Twitter announced last year, despite some investor concern that has hurt Twitter’s share price. These goals are to reach 315 million daily active users (registered users who see advertisements on Twitter) and generate at least $7.5billion in annual revenue by 2023. Twitter generated $5.1 billion in revenue for 2021, and had 217 million daily active users (monetizable) in the fourth quarter 2021.

Musk gave conflicting signals regarding what he would do in the event of his bid being rejected. Last week, Musk said that he would consider renegotiating his position as Twitter shareholder in the event his bid is turned down. Musk could then opt to walk away from Twitter’s more than 9% share. Musk said last week that Twitter shareholders must have the opportunity to vote on his proposal deal regardless of how the company’s board views it. Some investors took this as an indication that Musk would accept a hostile offer.

NEGOTIATE WITH MUSK

Twitter may offer to allow Musk to use its funds in exchange for a higher offer. It would be a test of Musk’s claim that his $54.20 all cash offer was his “best and last offer”. Forbes has estimated that Tesla’s net worth at $265 billion is the chief executive of Tesla Inc. He hasn’t specified what percentage of his fortune he would contribute to a deal to buy Twitter.

Musk may end up working with private equity funds, sovereign wealth fund managers or other high-net worth investors to decrease his equity in transactions. According to Musk, he wants as many Twitter shareholder holders as possible to be able roll their shares in the deal.

SOLICIT BIDS FROM OTHER PARTIES

Twitter’s board has the option to explore other strategic options. This would include contacting private equity firms, companies and others interested in potential deals. It could find a better deal, or press Musk to accept a higher offer. It could also raise hopes that Twitter will be sold, causing investors to press it into negotiating a deal. Twitter shares currently trade at about half their value a year ago.

Thoma Bravo LP (a buyout company) was one potential bidder. It contacted Twitter last Wednesday to voice its interest in a proposal that would challenge Musk’s. Some technology and media companies could also enter the market, as well as other private equity firms.

Twitter could choose to make an alternative deal that is not an acquisition. The company sold $1 billion worth of convertible bonds to Silver Lake in 2020. This move helped to finance a $2 Billion share buyback. Twitter may choose to make a similar deal with another party now, raising additional cash or avoiding a sale.