The blue bird social network is the subject of an unsolicited takeover bid by Elon Musk.
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Twitter does not intend to let it go. The social network with the blue bird, which is the subject of an unsolicited takeover bid by Elon Musk, announced on Friday April 15 measures to defend itself from this offensive, supposed to prevent the richest man in the world to easily redeem his shares.
The company intends to use the so-called “poison pill” clause in financial jargon. That is to say, he plans to sell off his shares for all the other shareholders. This clause will be triggered if Elon Musk exceeds 15% of Twitter shares without the agreement of the board of directors (CA). To date, the billionaire holds just over 9% of the company’s capital at this stage.
If he buys back enough shares to reach the 15%, all other holders of shares on the platform will be able to buy back at a reduced price. Result: the boss of Tesla will have to spend a lot more money if he wants to fully control the social network.
The plan must “to reduce the possibility that any entity, person or group will gain control of Twitter by accumulating stock in the market without paying all shareholders an appropriate premium or without allowing sufficient time for the board of directors to take informed decisions”says the San Francisco-based company in a statement.