Twitter Board Of Directors Adopts ‘Poison Pill’ After Elon Musk Buyout Bid

The limited duration shareholder rights plan will expire on April 14, 2023

Credit: Fox Business


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.

Elon Musk’s Tweet displayed on a screen and Twitter logo. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)

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