Elon Musk offers to make Twitter private in a $43 billion deal.
Specifically, Musk is said to have submitted to the U.S. Securities and Exchange Commission (SEC) a condition to acquire 100% of the remaining Twitter stake in cash at $54.20 per share.
In a proposal sent to Twitter, Musk said, “I have invested in and believed in the potential of Twitter to become a platform for freedom of expression around the world, and I believe that freedom of expression is a social necessity for democracy to function.”
Twitter responds to Musk takeover attempt with poison pill*
* Poison Peel: A system that grants in advance the option to purchase new stocks at a price lower than the market price to existing shareholders, except for those that have been subjected to hostile M&A, to issue new stocks on a large scale or to engage in hostile M&A. For this reason, the company’s stock value is diluted and shareholders’ rights are limited.
