Twitter board, headed by woke Indian leftist, approves scheme to thwart takeover by Musk

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https://en.wikipedia.org/wiki/Parag_Agrawal

Views and policies on online speech
In an interview with MIT Technology Review in November 2020, when asked about freedom of speech, Agrawal said: “Our role is not to be bound by the First Amendment, but our role is to serve a healthy public conversation … [and to] focus less on thinking about free speech, but thinking about how the times have changed.”[17]

Twitter Board Approves ‘Poison Pill’ After Musk’s $43 Billion Offer to Buy Company

By Zachary Stieber
April 15, 2022 Updated: April 15, 2022
biggersmaller

Twitter’s board of directors has approved a provision aimed at preventing a hostile takeover that’s known in the financial world as a “poison pill,” the company announced on April 15.

The board unanimously chose to adopt the “limited duration shareholder rights plan” after an “unsolicited, non-binding proposal to acquire Twitter,” the company said.

Elon Musk, the founder and CEO of Tesla and SpaceX, offered to purchase the California-based firm for around $43 billion this week shortly after buying nearly 10 percent of the company.

Under the approved provision, if any entity, person, or group acquires 15 percent or more of Twitter’s outstanding stock in a transaction not approved by the board, other stock holders will be able to buy additional shares of common stock at a lower price.

The shareholder plan “will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders,” Twitter said.

The poison pill method has been approved by other companies in the past to dilute outstanding stock and make a hostile takeover more financially challenging for the potential acquirer.

More details of the plan will be outlined in a form that Twitter will file with the U.S. Securities and Exchange Commission.

The board includes Bret Taylor, co-CEO of Salesforce; Parag Agrawal, Twitter’s CEO; Jack Dorsey, Twitter’s co-founder; and Mimi Alemayehou, a senior vice president at Mastercard.

Mark Meckler, former acting CEO of Parler, a Twitter competitor, told NTD that whether or not Twitter’s action works depends on whether people take advantage of it.

Musk had said on Twitter, responding to a rumor that the company was considering implementing such a provision, that the move could expose the board to a “titanic” amount of liability because they would be “breaching their fiduciary duty.”

Adam Candeub, a law professor at Michigan State University, told The Epoch Times before the decision was announced that the board could face legal consequences if they turn down an offer that’s financially lucrative to shareholders.

“Twitter’s owned by shareholders, and the directors have to act in a way that’s in their best interests, not in the way that allows them to keep control of the corporation,” Candeub told The Epoch Times.

“If they turn down a very favorable price, there will be dereliction of their legal duty, and there could be lots of legal consequences.”

Emel Akan and Tom Ozimek contributed to this report.

Zachary Stieber

REPORTER
Zachary Stieber covers U.S. and world news. He is based in Maryland.

3 Comments

  1. Russian battleship Moskva sunk by Ukrainian missiles:

    https://www.dailymail.co.uk/news/article-10720215/Russias-Black-Sea-flagship-Moskva-SUNK-Moscows-defence-agency-admits.html

    Video of missile hitting the ship:

    https://www.youtube.com/watch?v=8fZ9AFsbEWo&t=25s

    It seems that the Russians are not exactly military geniuses. They never would have defeated Germany in WWII without the enormous Lend Lease help provided by the U.S. and U.K., and the U.K.’s cracking of Germany’s Enigma code, which enabled the U.K. to provide the Soviet Union with advance notice of all German military plans.

    • Sorry, but I disagree with every single word, especially about “the Russians.” What is your news source these days? CNN? Fox? The Russians are winning.

      This video is VERY OBVIOUSLY CGI: https://www.youtube.com/watch?v=8fZ9AFsbEWo&t=25s

      I agree with the Durans. The ship was not hit at all and the Daily Mail, like the Jewkrainian government, is as usual lying.

      The ship was old and poorly maintained — Russia has been pouring money (in an age of Western economic sanctions!) mainly into its army, nuclear forces, and air force, not its navy. It caught on fire, just as did the USS Bonhomme Richard, and had a major fire. It was due to be replaced, and the decision was made to scuttle it in deep waters after removing valuable electronics.

      ***

      Wiki:

      USS Bonhomme Richard (LHD-6) was a Wasp-class amphibious assault ship of the United States Navy commissioned on 15 August 1998. Like the previous five Wasp-class ships, Bonhomme Richard was designed to embark, deploy and land elements of a Marine landing force in amphibious assault operations by helicopter, landing craft and amphibious vehicle, and if needed, to act as a light aircraft carrier.

      LHD-6 was the third ship of the United States Navy to bear the name first given by John Paul Jones to his Continental Navy frigate, named in French “Good Man Richard” in honor of Benjamin Franklin, the publisher of Poor Richard’s Almanac who at the time served as U.S. ambassador to France.[2]

      On 12 July 2020, a fire started on a lower vehicle-storage deck while the ship was undergoing maintenance at Naval Base San Diego. It took four days for firefighters to extinguish the fire, which injured at least 63 sailors and civilians and severely damaged the ship. After a long investigation into the cause of the fire, a sailor was charged with arson.[3] Repairs to the ship were estimated to take up to seven years and cost up to $3.2 billion so the ship was decommissioned on 15 April 2021 and sold for scrap.

      ***

      The Moskva and the Bonhomme Richard both caught on fire.

      It has been the firm policy of this website since 2009 to support peace and friendship with our white brothers in Russia. Comments bashing or insulting Russia will not be published.

  2. Sorry about the CGI video – that’s what I get for not reading its description and comments. Rense.com has zinged me again – he posted that video on his website as being a real video, and I fell for it. Rense.com has a lot of good information, but he also posts a lot of bullshit, like that video, so I must exercise greater caution when visiting his site.
    .
    [deleted Putin-bashing]

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