Twitter has adopted a measure that would shield it from hostile acquisition bids, taking steps to thwart billionaire Elon Musk’s hostile offer.
a measure that would shield it from hostile acquisition bids, taking steps to thwart billionaire Elon Musk’s unwelcome offer to take the company private and make it a bastion of free speech.
The Tesla CEO on Thursday offered US$54.20/share in cash for Twitter, valuing the social media company at $43-billion. Musk, who said it was his “best and final” offer, had already accrued a stake of more than 9% in Twitter since earlier this year. Twitter’s board met on Thursday to review Musk’s proposal to determine if it was in the best interest of the company and all of its shareholders.
A poison pill defence strategy allows existing shareholders the right to purchase additional shares at a discount, effectively diluting the ownership interest of the hostile party. Poison pills are common among companies under fire from activist investors or in hostile takeover situations. At least one prominent investor, though, said the offer was too low and the market reaction appeared to agree. Saudi Arabia’s Prince Alwaleed bin Talal said the deal doesn’t “come close to the intrinsic value” of the popular social media platform.
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