Posted on 04/15/2022 12:58:02 PM PDT by Macho MAGA Man
As was widely expected and reported in the aftermath of Elon Musk going hostile on Friday morning, on Saturday morning Twitter adopted a measure that will shield it from hostile acquisition bids in a desperate step to prevent billionaire Elon Musk’s offer to take the company private and make it a bastion of free speech.
The board set up a shareholder rights plan, also known as a “poison pill” which as we clarified yesterday for the benefit of the company’s overly dramatic, overly literal and overly snowflake employees, is not literal…
Makes sense.
A lot of companies have “poison pill” provisions. I would think it wouldn’t be legal to create them on the fly like this.
Presumably if the poison pill provisions exist prior to the investor’s investment, then there’s full disclosure. But after? I would hope not.
It certainly doesn’t protect the shareholders - quite the opposite.
Bkmk
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