By unanimous decision of the Board of Directors of Twitter, announced a plan to protect shareholder rights following Elon Musk’s proposal to acquire the social network.
Based on the statement, the initiative aims to realize the full value of investors’ investment in Twitter. The plan will last until April 14, 2023.
Through this tactic, shareholders can purchase additional corporate shares at a discount if any entity or individual acquires 15% or more of Twitter’s shares without board approval.
Thus, there is a “blurring” of the potential buyer’s share in order to make the takeover less attractive.
We previously reported that Elon Musk became the largest shareholder of the company after acquisitions of 9.2% of shares for $2.89 billion. He put forward his suggestions for improving the network.
And on April 14 at all offered to buy Twitter for more than $43 billion.