It was confirmed on the 15th (local time) that Twitter’s board of directors attempted a poison pill to defend its management rights while Elon Musk was actually attempting a hostile takeover of Twitter.
If a specific individual or group acquires more than 15% of the stake without the approval of the board of directors, other shareholders will be able to purchase additional shares at a discounted price.
In effect, it is determined to block Musk’s takeover of Twitter. The poison pill is in effect until April 14, 2023.
Prior to this, according to foreign media such as Bloomberg on the 13th (local time), Musk made an offer to acquire Twitter and officially offered the acquisition price at $52.20 per share.
In the industry, it is said that a strong backlash from the board of directors, which judged that Musk’s financial offer was insufficient and that his platform operation was risky, started at a time when Musk was attempting hostile mergers and acquisitions by criticizing Twitter’s coercive platform operation.
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