Twitter is reportedly considering using a “poison pill” protocol to kill Elon Musk’s bid to take over the social media platform.
The strategy would see Twitter activating its shareholders rights plan, which is in place to make a hostile takeover an expensive and complex process, according to a report.
If the plan is activated, shareholders would be granted the ability to purchase additional shares at a discount, according to the report.
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This would, in effect, dilute Musk’s ownership interest.
Twitter’s board met Thursday to discuss Musk’s offer to purchase the platform at $54.20 a share. In total, the deal is valued at around $41.4 billion.
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Musk, widely recognized as the world’s wealthiest man, said he wants to “unlock” Twitter’s “extraordinary potential.”
