Elon Musk is exploring the possibility of submitting a tender offer for Twitter. As he did not receive a response from the Twitter board, he is considering a tender to buy some or all of the company’s shares directly from its shareholders. It is reported by CNBC referring to the document published on Thursday.

The document states that Musk received $46.5 billion obligations to finance a possible deal. About $25.5 billion in debt was provided by Morgan Stanley Senior Funding and other companies, and about $21 billion he allocated for equity financing. Other participating companies are Bank of America, Barclays, MUFG, Societe Generale, Mizuho Bank, and BNP Paribas.

Musk has not yet decided whether he will make a tender offer on Twitter or develop the offer, he had suggested before.A Twitter spokesman confirmed that the company had received his offer.

“As previously announced and communicated to Mr. Musk directly, the Board is committed to conducting a careful, comprehensive and deliberate review to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders,” the response said.

We remind you that last week Elon Musk offered to buy Twitter for $43 billion and make it private. In response, the Board began to consider the opportunity to take measures to protect the social network from unwanted transactions.