After amassing more than 9% of the stock, Musk launched an offer to buy Twitter in a deal valued at around $43 billion. Twitter initially rejected Elon Musk’s offer. She did it just hours after it was made public. He also initiated a strategy known as the “poison pill” which consists of limiting at all costs the possibility that any interested party acquires more than 15% of the company through the purchase of shares. Twitter, in particular, planned to offer assets for a lower price than the current one to its investors so that they can later sell them at a higher price and, therefore, reduce Musk’s participation.
If approved, Twitter could offer to buy the tycoon’s own shares at a lower price than usual.
The billionaire assured that Twitter must “transform” into a private company so that it can become a forum for freedom of expression. He also said that the interests of Twitter’s board members are “simply not aligned with shareholders” and that the board “owns almost no shares” in the company.
Twitter was pressured by some shareholders to deal with Musk, anonymous sources told Reuters on Sunday, despite Musk explicitly stating in his offer letter that the figure of $54.20 (50.52 euros) per share was his “best and last offer”.
Source: Ambito
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