Twitter Adopts “Poison Pill” Defense After Elon Musk Takeover Attempt
The plan comes in response to Musk’s takeover offer, which was disclosed Thursday. The “limited duration” plan will expire in one year on April 14, 2023, and would go into effect if a shareholder acquired more than 15 percent of the company in a deal not approved by the board.
Musk’s offer was the culmination of moves made in the past few months by the billionaire, who quietly acquired more than 9 percent of Twitter’s shares, and has been sharing his thoughts about how Twitter should be improving or changing its product. The stake made Musk Twitter’s largest outside shareholder.
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