With the formalization of the plan Musk actually raises the bar compared to the initial offering of $ 43.4 billion which had not been well received by the top of Twitter. A formal refusal never arrived but the Board, last week, approved the so-called poison pill (options reserved for existing shareholders at preferential prices to hinder hostile takeover) which can prevent any shareholder from acquiring more than 15% of the company.
After the filing of the SEC filings, a spokesperson confirmed that Twitter will analyze it carefully:
We are receiving the updated, non-binding proposal from Elon Musk, which provides additional information to the original proposal and new information on potential funding. As previously announced and communicated directly to Mr. Musk, the Board is committed to conducting a careful, complete and deliberate review to determine the course of action it believes is in the best interest of the Company and Twitter shareholders.
It is difficult to say at the moment whether the new financing plan will convince the Board of Directors to hand over control of the social network to Musk. Eyes on the date of April 28 next in which Twitter, on the occasion of the communication of the quarterly results, could formally clarify his position with respect to Musk’s attempted takeover.