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Twitter’s board adopts a plan to make it harder for Elon Musk to buy the company

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The plan is to “ensure that all shareholders benefit from the full value of their investments” and to reduce the likelihood that any organization, individual or group will gain control of the company by accumulating in the free market “without paying all shareholders a bonus. adequate control or without giving managers sufficient time to evaluate and take action in the interests of shareholders. “

These measures will be implemented if an organization, individual or group acquires 15% or more of the company’s shares in a transaction not approved by the board of directors.

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The plan is valid until April 14, 2023.

Reuters reported on Thursday that Musk, who recently became Twitter’s largest shareholder, offered to buy the company for $ 41.39 billion ($ 54.2 per share).

Following the announcement, Twitter’s board of directors said it would carefully consider its proposal to determine the course of action it believes it would take to best serve the interests of the company and its shareholders. According to the US Securities and Exchange Commission, Musk has a 9.2% stake in Twitter. At the same time, on April 11, he decided not to be a member of the company’s board of directors.

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