Twitter Inc. shares posted their biggest gain in two weeks Monday after the social media company launched a poison pill defense to thwart an unsolicited bid by Elon Musk to take the company private at $54.20 a share.
A securities filing Monday confirmed the defense strategy Twitter outlined last week, which would allow the company to issue new stock that all shareholders except Musk could buy at a discounted price. It imposes a “significant penalty” on any person or entity that would acquire more than 15% of the company without board approval, according to the filing. Musk currently owns just over 9% of Twitter shares.
Musk, for his part, has said that any rejection of his bid, valuing Twitter at $43 billion, would cause him to reevaluate his stake. Over the weekend, Musk said that theof Twitter’s board aren’t aligned with shareholders’ interests. He was responding to a tweet about board members’ stock holdings, saying that with the impending departure of co-founder Jack Dorsey, the board “collectively owns almost no shares.” In a tweet Monday, Musk, who is chief executive of Tesla Inc.
The billionaire entrepreneur floated a cryptic tweet with the word “tender,” a likely wink-and-nod reference to a potential tender offer.A cryptic tweet referencing a 1956 Elvis Presley hit was a likely wink-and-nod reference to a potential tender offer to Twitter Inc. shareholders for control of the company.
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