Twitter adopts ‘poison pill’ to ward off Musk takeover
The billionaire leader of Tesla and SpaceX says Twitter must go private to fulfill its “societal imperative.” But the way he went about offering to buy it left Wall Street doubting his seriousness.In addition to Musk’s offer, Twitter has been fielding takeover interest from other parties, including technology-focused private equity firm Thoma Bravo, Bloomberg reported earlier Friday. Goldman Sachs Group Inc. and JPMorgan Chase & Co.
Included in Musk’s securities filing disclosing the bid Thursday morning was a script of text he sent to the company. In it he said, “it’s a high price and your shareholders will love it.” Twitter shares dropped 1.7% in New York on Thursday, reflecting the market’s view that the deal is likely to be rejected or to fall through. The Wall Street Journal earlier reported the San Francisco-based company was considering a poison pill defense.
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