Twitter’s board has blocked Elon Musk’s plans to buy

Twitter’s board of directors has issued a “shareholder rights plan” that would effectively block Tesla CEO Elon Musk’s unfavorable acquisition of the company. The plan was the subject of a press release shared Friday.

The move has been described by financiers as a “poison pill” and is designed to block such takeovers, according to a press release shared by Twitter.

The rights plan aims to enable all shareholders to realize the full value of their investment on Twitter. The right plan will reduce the likelihood of Twitter gaining control through open market deposits without paying the appropriate control premium to all shareholders or giving the board sufficient time to make informed judgments and act in the best interests. Shareholders

Musk has offered to buy Twitter directly and currently owns 9% of the company. In announcing the buyout attempt, Musk said he would be forced to sell his shares if it failed, essentially a threat of a move that would surely tank the share price.

Twitter’s board obviously doesn’t want to accept Mask’s offer, and we’ll see where things go from here.

Musk could fight or just pull its money out of the company, possibly lowering the share price as mentioned earlier – which would be a bitter pill to swallow for other shareholders.

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