This clause, nicknamed “poisoned pill” in the financial jargon, will be triggered if the hostile shareholder exceeds the 15% of the Company’s shares without the agreement of the Board of Directors.
Le Monde with AFP
Twitter, which is the subject of an unresolved takeover bid on the part of ELON MUSK, announced on Friday, April 15 measures to defend themselves from this offensive, which are supposed to prevent the boss of Tesla to easily redeem his actions.
The plan must “reduce the possibility that an entity, a person or a group will take control of Twitter by accumulating securities on the market without paying all the shareholders an appropriate premium or without giving sufficient time to the board of administration to make informed decisions “, specifies the group in a statement.
This clause, nicknamed “poisoned pill” in the financial jargon, will be triggered if the hostile shareholder exceeds the 15% of the Company’s shares without the agreement of the Board of Directors (CA). ELON MUSK has at this stage a little over 9% of the capital of Twitter.
If it reaches sufficient titles to achieve 15%, all other shareholders of the platform will be able to redeem at a reduced price, which would greatly increase the price that the contractor should pay to put Totally hand on the social network.
Very critical of the moderation policy
This announcement of Twitter shows that the company located in San Francisco intends to fight against this attempt by the richest man in the world to redeem it to make it a society not listed on the stock market.