Cynthia Littleton Business EditorTwitter’s board of directors hastily approved a poison pill agreement in the wake of Elon Musk’s unsolicited $43 billion takeover bid that surfaced Thursday.The “limited duration shareholder rights plan” that was unanimously approved by Twitter board late Thursday is designed to stop any individual or entity from amassing more than a 15% stake in the company by buying shares on the open market.“The Rights Plan is intended to enable all shareholders to realize the full value of their investment in Twitter.
The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders,” the board stated.
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