Apr 15, 2022

Twitter board takes action to fight Musk bid

Twitter's board has armed itself against a possible hostile takeover - a day after billionaire Elon Musk made a $43bn offer to buy the platform. The Twitter board detailed its defence plan to the US Securities and Exchange Commission and put out a statement saying it was needed because of Mr Musk's "Unsolicited, non-binding proposal to acquire Twitter". A takeover bid is considered hostile when one company tries to acquire another against the wishes of that company's management - in Twitter's case, its executive board. Because Mr Musk had signalled that he was not willing to negotiate a higher price, the Twitter board went ahead with the poison pill. Twitter will flood the market with new shares if Elon Musk buys more than 15% of the company.

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