Musk still remains the largest individual shareholder
Twitter is trying to thwart billionaire Elon Musk's takeover attempt with a poison pill" - a financial device that companies have been wielding against unwelcome suitors for decades.
As Twitter adopts the 'poison pill' strategy to stop Elon Musk from forcefully buying it, the Tesla CEO is reportedly speaking to investors who could partner with him on acquiring the platform
Twitter users want Tesla CEO Elon Musk to acquire Sri Lanka instead of the microblogging site for $43 billion, as the country faces its worst economic crisis since its Independence.
Besides Musk's offer, Twitter has been fielding takeover interest from other parties
Twitter has announced that its Board of Directors has unanimously adopted a limited duration shareholder rights plan following an unsolicited, non-binding proposal to acquire Twitter by Elon Musk
Twitter Chief Executive Officer Parag Agrawal told staff that the board was continuing to review Musk's offer, but that he was limited in what he could share with the employees
Investment bankers, investors and analysts said he needed a blowout bid and more details on his financing for this strategy to work
Even if he fails to buy Twitter, the Tesla CEO, who recently disclosed a 9.6% stake, is seen as likely to vote in ways that could shake up the company at its virtual May 25 meeting
Under the plan, the rights will become exercisable if anyone acquires ownership of 15% or more of Twitter's outstanding common stock in a transaction not approved by the Board
Twitter CEO Parag Agrawal has said he can't discuss the contours of the offer but the board is considering the deal
Musk lobbed his $43-bn takeover offer for Twitter with the intent of unlocking its potential to be the 'platform for free speech around the globe'
Tesla CEO Musk on Friday took a jab at Saudi Prince Alwaleed bin Talal, a major Twitter investor who rejected Musk's hostile offer to acquire 100 per cent of the micro-blogging platform for $43 bn
After Elon Musk made a hostile bid to acquire Twitter for nearly $43 billion, CEO Parag Agrawal has tried to convince employees that the micro-blogging platform would follow a "rigorous process"
In his first public, non-tweeted comments since the saga began, Musk addressed why he wants to buy the company, and the changes he would want to bring about: Report
Musk, in the time since the initial proposal, made his first public comments Thursday about the big deal expressing doubt if the bid will ultimately go through.
A poison pill defense strategy allows existing shareholders the right to purchase additional shares at a discount, effectively diluting the ownership interest of the hostile party.
The purchase isn't straightforward, but Musk has several financing paths.
Offer price of $54.20 per share is 38% premium to Twitter's Apr 1 close, the last trading day before his stake in the platform was made public
Saudi Arabia's Prince Alwaleed bin Talal rejected Elon Musk's bid, saying the deal doesn't 'come close to the intrinsic value' of the popular social media platform