![]() But on Thursday he indicated he was ready to wage a legal battle. Musk, a prolific tweeter with 82 million followers on Twitter, had no immediate reaction to the company's poison pill. HOW DID ELON MUSK REACT TO TWITTER'S ANNOUNCEMENT? ![]() These complaints are sometimes filed by shareholders who think a takeover offer is fair and want to cash out at that price or by the bidder vying to make the purchase. ![]() True to form, Twitter left its door open by emphasizing that its poison pill won't prevent its board from “engaging with parties or accepting an acquisition proposal" at a higher price.Īdopting a poison pill also frequently results in lawsuits alleging that a corporate board and management team is using the tactic to keep their jobs against the best interests of shareholders. If a higher price makes sense to the board, a poison pill can simply be cast aside along with the acrimony it provoked, clearing the way for a sale to completed. Although they are supposed to help prevent an unsolicited takeover, poison pills also often open the door to further negotiations that can force a bidder to sweeten the deal.
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