twitter-adopts-‘poison-pill’-to-fend-off-elon-musk’s-takeover-bid

Twitter Adopts ‘Poison Pill’ to Fend Off Elon Musk’s Takeover Bid


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Elon Musk offered to buy Twitter for $43 billion. He currently has a 9.2% stake in Twitter.


Photo by Christian Marquardt – Pool/Getty Images

Twitter adopted a so-called poison pill Friday in a bid to ward off Elon Musk’s unsolicited $43 billion takeover offer.

The board unanimously approved a limited duration shareholder rights plan “following an unsolicited, non-binding proposal to acquire Twitter,” the company said Friday. Twitter (ticker: TWTR) said the 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 or without providing…