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AP National Business

Twitter says poison pill makes ‘coercive’ takeover difficult

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Published 9:31 AM

By TOM KRISHER and MATT O’BRIEN
AP Business Writers

DETROIT (AP) — Twitter’s board of directors says it adopted a so-called “poison pill” defense in order to protect the social media platform from coercive or unfair takeover tactics. The company disclosed new details about the move in a regulatory filing early Monday. Last week, Tesla CEO Elon Musk made an offer to buy the company for $43 billion, or $54.20 per share. In the filing, Twitter’s board says the shareholder rights agreement would impose a “significant penalty” on any person or group of investors who acquire 15% or more of the company’s shares without board approval. Musk currently holds about 9% of Twitter’s shares.  

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