Twitter board adopts poison pill after Musk’s $43 billion offer to buy company

PUBLISHED FRI, APR 15 202212:31 PM

Twitter adopted a limited duration shareholder rights plan, often called a “poison pill,” a day after billionaire Elon Musk offered to buy the company for $43 billion, the company announced Friday.

The board voted unanimously to adopt the plan.

Under the new structure, if any person or group acquires beneficial ownership of at least 15% of Twitter’s outstanding common stock without the board’s approval, other shareholders will be allowed to purchase additional shares at a discount.

The plan is set to expire on April 14, 2023.

https://www.cnbc.com/2022/04/15/twitter-board-adopts-poison-pill-after-musks-43-billion-offer-to-buy-company.html

>>16081862

Depends on the other top investors.

I'm waiting for Brian Singer (Elliott) or Cathy Wood (ARK) to enter the media comments.

They are awfully quiet at the moment.

There is still GS analysis going on on the original offer, so this is noise.

We don't hear anything about 'multiple shareholders' joining together for a buyout either. It could happen.

Going to be a long weekend of news into Monday market open.

>>16081901

Of course they are panicking.

But, Goldman Sachs was engaged to evaluate the offer from Musk. That activity is going on right now. Its like a due diligence weekend of work. Lawyers and Accountants look over everything. The "board" has not rejected Musk's offer, just the news from Saudi Prince. He's not 'the board' and he's not even on the 'board of directors'.

Bannon yesterday stated GS was engaged by the board to evaluate the Musk offer. This poison pill is a hedge.

Did you look at the list of major shareholders?

https://investor.twitterinc.com/corporate-governance/board-of-directors/default.aspx

Bret Taylor

Independent Board Chair; Co-CEO, Salesforce

Parag Agrawal

CEO, Twitter

Mimi Alemayehou

Senior Vice President for Public – Private Partnership at Mastercard

Jack Dorsey

Co-Founder, Twitter; CEO and Co-Founder, Square

Egon Durban

Co-CEO, Silver Lake

Martha Lane Fox

Founder and Chairperson, Lucky Voice Group; Former Co-Founder and Managing Director of lastminute.com; Crossbench Peer, House of Lords

Omid Kordestani

Former Executive Chairman, Twitter

Dr. Fei-Fei Li

Professor at Stanford

Patrick Pichette

General Partner, Inovia Capital; Former Senior Vice President and Chief Financial Officer, Google

David Rosenblatt

CEO, 1stdibs.com, Inc.

Robert Zoellick

Former Chairman of the Board of Directors of AllianceBernstein Holding L.P.