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Twitter adopts ‘poison pill’ defence against Musk buyout bid
Twitter moved on Friday (Apr 15) to defend itself against Elon Musk’s US$43 billion hostile takeover bid, announcing a “poison pill” plan that would make it harder for the billionaire to get a controlling stake.
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Musk’s proposed buyout faces several hazards, including possible rejection and the challenge of assembling the money, but could have significant impacts on the key social media service if consummated.
Twitter said that its board unanimously adopted a so-called shareholder rights plan, also known as a “poison pill,” as the struggle for control of the social media platform intensified.
The manoeuvre makes it harder for a buyer to build too big of a stake without board approval, by triggering an option that allows other investors to buy more of a company’s shares at a discount.
“The rights plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium,” Twitter said in a statement.
Musk sent shockwaves through the tech world on Thursday with an unsolicited bid to buy the company, citing the promotion of freedom of speech on Twitter as a key motive for what he called his “best and final offer”.
The world’s richest person offered US$54.20 a share, which values the social media firm at about US$43 billion, in a filing with the Securities and Exchange Commission made public on Thursday.
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