Market Updates
Twitter Erects Barriers to Musk's Takeover Storm
Barry Adams
15 Apr, 2022
New York City
Twitter board took defensive steps after Musk's $43 billion bid is likely to attract competing offers from private-equity firms.
The board approved a shareholder rights plan for a year that will allow the company to sell shares to other shareholders at a discount, if anyone acquires more than 15% stake.
However, Musk can make a direct tender offer to shareholders, an expensive and a drawn out process.
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