Twitter said the plan is aimed at enabling investors to 'realize the full value of their investment' by making it less likely that Elon Musk would still be interested in a hostile takeover. | via NPR
Elon Musk founder, CEO, and chief engineer/designer of SpaceX speaks during a news conference after a Falcon 9 SpaceX rocket test flight at the Kennedy Space Center in Cape Canaveral, Fla, Jan. 19, 2020.On Friday, the social media company unrolled a defense against Musk's unwelcome takeover bid, introducing what is known as a poison pill to fend off Musk's $43 billion acquisition attempt.
The poison pill will take effect once a person or entity acquires 15% or more of Twitter's shares, according to anfrom Twitter's board of directors, which noted the plan will be in place until next April.With the poison pill plan now in place, Twitter is preemptively defending itself against the possibility of Musk upping his stake in the company.
gives the board a chance to evaluate the bid, whether it makes sense to sell the company, and if they are going to sell the company, whether it makes sense to sell the company to him." Under the terms of the plan, Twitter can still engage with parties interested in buying the company, or even accept an acquisition proposal, if a bid is in the"best interests" of the company and its shareholders.
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