Salesforce.com CEO Marc Benioff will have to make a case to the market as to why a Twitter acquisition is a good deal, Robert Kindler, vice chairman and global head of M&A at Morgan Stanley, said Tuesday.
"What is interesting about it is that boards are listening to shareholders," Kindler said on "Squawk on the Street." "And when deals are out there that the Street doesn't like ... you know boards listen to that, so we'll see if a Salesforce deal happens."
He added, "People aren't yet getting Salesforce and Twitter."
Kindler said the markets like deals that are the right deals — even rumored ones. He compared Salesforce's stock reaction about a rumored deal to Qualcomm's after a report from The Wall Street Journal in September said that it could merge with Netherlands-based NXP Semiconductors.
"People get that," He said. "They'll understand that is a very logical deal, so the acquirer's stock went up."
He later added, "Salesforce tried to buy LinkedIn. That deal made perfect sense. This deal ... they have to do more to sell it to the market."
Sources told CNBC on Tuesday that Twitter and Salesforce continue to discuss a possible deal. Twitter's board remain split between those who want to sell the company and those who don't.
— CNBC's David Faber contributed to this report.