Musk owns a 9.2 percent stake in Twitter. In response, the company’s board of directors unanimously approved a plan on Friday that would allow existing shareholders to buy shares at a significant discount to dilute the shares of new investors.
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Called the “poison pill” in the financial world, the method suggests that Twitter will fight Musk to prevent a hostile takeover, according to The Guardian. The plan would come into force if one of the shareholders acquired more than 15 percent of the company in a transaction that was not approved by the board of directors.
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The measure is to last until April 14, 2023. Twitter’s board of directors has adopted a plan to buy time, Bloomberg reported, citing a familiar source. He wants to have room for analysis and negotiation. It is therefore possible that he will eventually accept Musk’s offer.
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Musk, the richest man in the world, said on Thursday that if his offer failed, he had a plan B, but declined to specify it.
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