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Tribune News Service
Tribune News Service
Business
Jillian Ward and Sarah Frier

Twitter adopts ‘poison pill’ to ward off Musk takeover

Elon Musk TED Twitter Inc. Board

Twitter Inc. adopted a measure that would shield it from hostile acquisition bids, taking steps to thwart billionaire Elon Musk’s unwelcome offer to take the company private and make it a bastion of free speech.

The board set up a shareholder rights plan, exercisable if a party acquires 15% of the stock without prior approval, lasting for one year only. The plan seeks to ensure that anyone taking control of Twitter through open market accumulation pays all shareholders an appropriate control premium, according to a statement Friday.

Twitter enacted the plan to buy time, according to a person familiar with the matter. The board wants to be able to analyze any deal, and may still accept it.

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