Poison pills are often used to defend against a hostile takeover.
PROVIDENCE, R.I. — Twitter said Friday that its board of directors has unanimously adopted a “poison pill” defense in response to Tesla CEO Elon Musk’s proposal to buy the company and take it private.
Even if it discourages his takeover attempt, Musk could still take over the company by waging a “proxy fight” in which shareholders vote to retain or dismiss the company’s current directors. Twitter said the plan doesn’t prevent the board from engaging with parties or accepting an acquisition proposal if it’s in the company’s best interests.
Twitter revealed in a securities filing Thursday that Musk offered to buy the company outright for more than $43 billion, saying the social media platform “needs to be transformed as a private company” in order to build trust with its users. Later on Thursday, during an onstage interview at a TED event, he went even broader: “Having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization.”
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