From FoxBusiness.com…
Twitter’s board of directors has unanimously adopted a limited duration shareholder rights plan following Tesla CEO Elon Musk’s $54.20 per share offer to take the social media giant private.
Shares closed marginally lower on Thursday ahead of the observance of Good Friday.
Under the plan, which is also referred to as a “poison pill”, shareholders’ rights will become exercisable if an entity, person or group acquires beneficial ownership of 15% or more of Twitter’s outstanding common stock in a transaction not approved by the board. In the event that the rights become exercisable, shareholders will be entitled to purchase additional shares of common stock at a discounted rate.
