Shares in Walt Disney Co fell on Monday afternoon after Bloomberg reported that the company is working with a financial adviser to evaluate a possible bid for Twitter Inc.

Twitter has reportedly initiated talks with companies including Google parent Alphabet Inc and may receive a formal bid soon. A source told Reuters that Salesforce.com Inc is also in pursuit.

Salesforce is also working with Bank of America on a potential bid, Bloomberg reported on Monday, citing people familiar with the matter.

Jack Dorsey, who returned to Twitter as chief executive more than a year ago, has been a part of Disney's board since 2013.

Twitter and Disney were not immediately available for comment.

Shares of Twitter were up more than three per cent at US$23.37 at the close on Monday. They had fallen as much as 4.3 per cent earlier in the session after Oppenheimer downgraded their rating to 'underperform'.  Disney shares fell 1.4 per cent to US$91.96.