Twitter adopts ‘poison pill’ defense in Musk takeover bid
PROVIDENCE, R.I. (AP) – 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 for more than $43 billion and take it private. The move would allow existing Twitter shareholders – except for Musk – to buy additional shares at a discount, thereby diluting Musk’s stake in the company and making it harder for him to corral a majority of shareholder votes in favor of the acquisition. Twitter’s plan would take effect if Musk’s roughly 9% stake grows to 15% or more.
By MATT O’BRIEN
AP Technology Writer