Twitter moves to block Elon Musk's proposed takeover and adopts a strategy, known as 'poison pill,' often used to intercept hostile corporate bids.
SAN FRANCISCO — Twitter moved Friday to block tech baron Elon Musk's proposed takeover of the social media company, adopting a strategy known as a"poison pill" that's often used to intercept hostile corporate bids.
The Twitter board of directors voted unanimously to adopt the strategy, which is formally known as a shareholder rights plan, the company said in a"The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter," the San Francisco-based company said.the poison-pill defense. The strategy allows existing shareholders other than the person attempting the takeover to buy additional shares at a discount, diluting the equity of someone like Musk.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk Wants to Buy 100% of Twitter in Hostile TakeoverMusk is threatening to sell his existing 9.2% stake in the company if his offer is rejected.
Read more »
Elon Musk Offers to Buy Twitter, Says Company ‘Needs to Be Transformed'Twitter Inc. said in a regulatory filing on Thursday that Musk provided a letter to the company on Wednesday with a proposal to buy the remaining shares of Twitter that he doesn’t already own.
Read more »
Elon Musk offers to buy Twitter for $43 billion in cashBREAKING: Elon Musk has offered to buy Twitter for $54.20 a share in cash, or about $43 billion, according to documents filed with the SEC.
Read more »
Elon Musk makes $41.4 billion cash offer to buy TwitterMusk said that if the offer is not accepted he would 'need to consider position as a shareholder.'
Read more »
Elon Musk Offers to Buy Twitter for $41.3B to Take Company PrivateTwitter shares surged more than 12% in pre-market trading following Musk's statement.
Read more »
Elon Musk offers to buy Twitter in takeover attemptTwitter needs to go private for the changes needed
Read more »