Photo by Gage Skidmore via Flickr
Twitter’s desperate gambit on Friday to stave off Elon Musk’s bid for a hostile takeover is technically known as a shareholder rights’ plan, but investors call it a “poison pill.” Here’s how it works, and what might happen next:
A poison pill allows other shareholders – but not the would-be buyer – to scoop up newly minted shares at a discount, boosting their investments while forcing the target to swallow “economic poison” by having his shares diluted. The move is an unmistakable signal that the board is not interested in the prospective hostile acquiror, despite a potential profit for shareholders. If the maneuver succeeds, shareholders are certain to flood the courts with lawsuits, accusing the directors of Twitter of breaching their fiduciary duties.
There are three possible outcomes now, none of which are ideal for Twitter’s current board: Musk could win by successfully initiating a proxy contest to remove the directors and nix the poison pill; Musk forces the company to find a “white knight,” or alternative buyer, potentially at a higher price, thus making his shares more valuable; Musk walks away and leaves the company and the board facing a pile of lawsuits as shareholders blame them for hurting the value of their stock.
Read more at The Daily Wire
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