{"id":13751,"date":"2022-04-16T12:01:10","date_gmt":"2022-04-16T04:01:10","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=13751"},"modified":"2022-04-16T12:01:11","modified_gmt":"2022-04-16T04:01:11","slug":"twitter-adopts-poison-pill-strategy-to-stave-off-musk-takeover","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=13751","title":{"rendered":"Twitter adopts poison pill strategy to stave off Musk takeover"},"content":{"rendered":"\n

WASHINGTON, April 16<\/strong> — Twitter said on Friday it is adopting a poison pill strategy to stave off Tesla CEO\u00a0Elon Musk’s US$43 billion takeover bid that would take the company private.<\/p>\n\n\n\n

The announcement came as private equity firm Thoma Bravo told Twitter it was interested in launching a competing bid, Anadolu Agency reported, quoting Reuters.<\/p>\n\n\n\n

The poison pill strategy allows existing shareholders to buy additional shares of the company’s stock at a reduced price, which would dilute Musk’s existing share of the company. The strategy is intended to prevent anyone from being able to establish a more than 15 per cent\u00a0share in Twitter.<\/p>\n\n\n\n

\"poison<\/figure><\/div>\n\n\n\n

It would take effect if any shareholder reaches or surpasses the 15 per cent threshold.<\/p>\n\n\n\n

The plan does not itself stop Musk’s bid, but it could make it costlier.<\/p>\n\n\n\n

Musk on Thursday made public his proposal to buy Twitter for US$54.20 per share, which amounts to a total of about US$43 billion.<\/p>\n\n\n\n

The decision comes after Musk, the founder of electric carmaker Tesla and space exploration company SpaceX, announced on April 4 that he bought a 9.2 percent\u00a0share in Twitter, becoming the social media platform\u2019s biggest investor.<\/p>\n\n\n\n

Musk noted that his offer is final, and said that if it is not accepted, he would need to reconsider his position as a shareholder.<\/p>\n\n\n\n

“Twitter has extraordinary potential. I will unlock it,”<\/em> he said in a regulatory filing with the Securities and Exchange Commission.<\/p>\n\n\n\n

Musk is the world’s richest man, according to Forbes, which places his net worth at about US$265 billion.<\/p>\n\n\n\n

NMT<\/a> as reported by Bernama<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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