Twitter’s Board of Directors has now breached their fiduciary duty, and Elon Musk now has the right to sue them or pursue other legal options.
That’s right folks, Twitter is saying they’d rather tank the company than let Elon Musk take it over. It’s unbelievable and totally against the best interest of shareholders for the company.
Must who made a bid on Wednesday to buy the company at a 40% premium, is now facing the typical liberal and deep state backlash that one can only expect with those who want to silence free speech.
On Thursday, Musk hinted at the possibility of a hostile bid in which he would bypass Twitter’s board and put the offer directly to the shareholders, tweeting out: “It would be utterly indefensible not to put this offer to a shareholder vote.”
Under the plan, also known as a ‘poison pill’ strategy to resist a bid from a potential acquirer, the rights will become exercisable if anyone acquires ownership of 15% or more of Twitter’s outstanding common stock in a transaction not approved by the Board.
The rights plan will expire on April 14, 2023, Twitter said. However the Twitter plan would not stop a hostile takeover, showing the idiocy of the Twitter Board of Directors and their stance to continue to silence free speech.
Twitter, $TWTR announced that its Board of Directors has unanimously adopted a limited duration shareholder rights plan (the “Rights Plan”). The Rights Plan is intended to enable all shareholders to realize the full value of their investment in Twitter.