Twitter board announces poison pill measure to block Musk buyout

Illustration by Kristen Radtke / The Verge; Getty Images

Twitter’s board of directors has issued a new “shareholder rights plan” to block Elon Musk’s proposed buyout offer, a major setback to the billionaire’s efforts to take full financial control of the company.

The plan was adopted “following an unsolicited, non-binding proposal to acquire Twitter,” the company’s board of directors noted in a press release announcing the change.

This is what’s known as a poison pill, giving certain shareholders the right to purchase more stock if Musk or another buyer attempts to seize control. The new provision suggests that Twitter’s board intends to fight Musk’s bid to take sole ownership of the company.

On April 4th, SEC…

Continue reading…

Go to Source
Author: Russell Brandom