Twitter sacrificed "poison pills" to block Musk's hostile takeover in 2003
Musk believes that the Twitter issue is censorship, and he may ally with Twitter shareholders seeking reform, and he may ally with Twitter shareholders seeking reform to transform Twitter into a bastion of freedom. (Getty Images)
Twitter's board of directors unanimously resolved on the 15th to launch the "Poison pill clause" on the 43 billion yuan acquisition offer of the world's richest man, Tesla and SpaceX CEO Elon Musk, indicating that Twitter's board is doing its best to block Musk's acquisition or gain more negotiation time.
Sacrifice "poison pill" to block Musk's hostile takeover In 2003, there were similar cases focusing on the news of Twitter sacrifice "poison pill" to block Musk's hostile takeover in 2003, and there were similar cases compiled as "signs of weakness", affecting his perception of Twitter.
The board of directors is afraid of litigation by shareholders
The board of directors that offered the poison pill clause may also be sued by shareholders, such as when shareholders find the offer price very attractive; Musk offers to buy Twitter at 54.2 yuan per share, a premium of more than 9% from the closing price on the 13th, and 38% more than the stock price before Musk revealed his aggressive purchase of Twitter shares in early April.
Musk has yet to respond specifically. Edward Rock, a corporate governance scholar at New York University Law School, said that if Musk does one of two things next, he will show that he is serious, one is to propose a specific plan for how to obtain 43 billion yuan in cash, and the other is to launch a scramble to change the board of directors by holding a large number of shares to influence the board's decision-making.
Locke said that if there are neither, it means that Musk is not really trying to buy the company, and his move may just be a "Twitter whirlwind".
Twitter's board of directors unanimously resolved to adopt the "poison pill clause" and ban Musk from holding more than 15% of Twitter's shares.
Musk isn't really trying to take Twitter