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Twitter adopts ‘poison pill’ to combat Elon Musk’s acquisition

Twitter on Friday adopted a plan for shareholder rights to protect itself against the $ 43 billion (R630 billion) offer from billionaire entrepreneur Elon Musk.

Musk made the offer on Wednesday in a letter to the board of Twitter – the micro-blogging platform that has become a global means of communication for individuals and world leaders – and it was made public on Thursday in a regulatory dossier.

Following his TED talk on Thursday, Musk raised the possibility of a hostile bid in which he would bypass Twitter’s board and put the offer directly to its shareholders, tweeting: “It would be completely indefensible not to give this offer to a shareholder vote. to bring. “

Under the plan, also known as a ‘poison pill’ strategy to resist a potential buyer’s bid, the rights will be exercised if someone acquires ownership of 15% or more of Twitter’s exceptional common stock in a transaction that it is not approved by the board.

The rights plan will expire on April 14, 2023, Twitter said.

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Twitter adopts ‘poison pill’ to combat Elon Musk’s acquisition

Source link Twitter adopts ‘poison pill’ to combat Elon Musk’s acquisition

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