Twitter’s Board Implements Shareholders Rights Plan

Twitter is putting up a fight when it comes to the deal Elon Musk presented to them last week. On Friday, Twitter’s board said it was implementing a shareholder rights plan known as a ‘poison pill’ that would make it harder and more expensive for Musk or other buyers to acquire the company without board approval. The plan will remain in place for nearly a year and will be triggered if Musk expands his stake in the company to 15%. Currently he owns around 9% of the shares and offered to buy the remainder for $54.20 a piece which would value the company at around $41 billion. The plan will also give all other shareholders the right to buy one additional share for each they own at a discount. Musk would have to pay $420 per share compared to other shareholders who would pay $210 per share.