Tech Planet April 16 news, as the outside world expected, Twitter's board of directors on Friday unanimously approved the launch of the "Poison Pill" (Poison Pill), at a discounted price to the current shareholders of the new shares, intended to dilute Musk's shares, fend off the world's richest man's hostile takeover plan. However, Twitter added that the plan would not affect the company's engagement with potential acquirers and that the board would accept offers that were in the best interests of shareholders.
The so-called "poison pill plan", also known as "equity dilution anti-takeover measures", is a defensive measure for the target company to resist hostile takeovers. This will allow the company's original shareholders to obtain a large number of shares in the company at a lower price, thereby driving up the cost of the acquirer. But the side effect is that the company's stock price may plummet.
Previously, according to media reports, Tesla CEO Musk proposed to buy Twitter for $54.20 / share of cash. At the time, Musk held a 9.2% stake in Twitter, the largest shareholder of Twitter.
But according to the latest news, Tesla CEO Elon Musk is no longer The largest shareholder of Twitter and has been replaced by the asset management company Vanguard Group. Vanguard Group said in a recent filing with the SEC that it had held a 10.3 percent stake in Twitter as of April 8. At Last Friday's closing price, it was worth $3.6 billion.