Wall Street Journal (WSJ) reported on the 18th (local time) that Morgan Stanley, a famous Wall Street investment bank as well as Apollo Global, a major asset manager on Wall Street, is considering participating in the Twitter acquisition.
Musk submitted documents to the Securities and Exchange Commission (SEC), a U.S. securities authority, on the 13th and proposed the acquisition of Twitter for 54.20 dollars per share, a total of 43 billion dollars.
Musk also attacked Twitter’s board of directors on the same day, saying, “The interests of Twitter’s board members do not match shareholders.” He also claimed, “If I take over Twitter, members of the board of directors are opposed to the acquisition because the salary of members of the board will be $0.”
Earlier last week, Twitter’s board of directors launched a “poison pill” against Musk’s hostile takeover bid.
Poison Peel is a defense measure to prevent hostile mergers and acquisitions, and in the event of a hostile takeover attempt, it is a device that allows existing shareholders to issue new shares at a lower price than the market price only by the board’s resolution.
Dorsey, a co-founder of Twitter and currently a member of the board of directors, also criticized the current board of directors, saying, “The Twitter board of directors is continuously causing dysfunction.” Although he is a founder, he is known to have a bad relationship with the board of directors, such as being kicked out of the board of directors.
Stock prices seem to have soared as the Twitter takeover battle overheated, with Musk and the city setting up a united front. Usually, when hostile mergers and acquisitions come in, the side that secures a lot of stocks eventually wins, so it is common for stock prices to rise.
