Twitter board announces poison pill measure to block Musk buyout
Posted On April 15, 2022
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.
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.