Twitter said in a statement Friday that its board of directors has unanimously adopted a “poison pill” defense in response to Tesla CEO Elon Musk’s proposal to buy the company and take it private.
Twitter said the move, formally called a “limited duration shareholder rights plan,” aims to enable all its shareholders to “realize the full value of their investment” in the company by reducing the likelihood that any one person can gain control without paying shareholders a premium or giving the board more time.
Musk offered to buy Twitter for $43 billion in cash. He currently owns about 9% of the company's stock."Since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company," Musk said in a filing with the Securities and Exchange Commission.
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