Twitter just fired a major salvo across the proverbial bow of the CEO of Tesla by choosing to institute the poison pill measure
Twitter ( NYSE:TWTR), the social media giant at the heart of a takeover bid from Elon Musk, just fired a major salvo across the proverbial bow of the CEO of Tesla ( NASDAQ:TSLA) by choosing to institute the poison pill. As per the company’s press statement that was released moments ago, Twitter’s board has unanimously adopted a “limited duration shareholder rights plan”: Hardly Surprising: Elon Musk Offers To Buy Twitter at $54.20 per Share as Trump-linked SPAC Digital World Acquisition Corp. (DWAC) Falters While details are scarce at the moment, the so-called poison pill will presumably be activated if any entity acquires a stake of 15 percent or more in Twitter without the board’s approval. Once triggered, the measure will allow other shareholders the right to purchase additional shares of Twitter at a yet-to-be-announced exercise price, which is expected to be around half of the prevailing stock price of Twitter.
