(15 Apr 2022)
FOR CLEAN VERSION SEE STORY NUMBER: 4375928
RESTRICTION SUMMARY:
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ASSOCIATED PRESS
ARCHIVE: Hawthorne, California - 10 October 2019
1. Various STILLS of Elon Musk
ASSOCIATED PRESS
ARCHIVE: New York - 29 November 2021
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2. STILL of Twitter logo on screen inside New York Stock Exchange
ASSOCIATED PRESS
ARCHIVE: New York - 15 April 2022
3. SOUNDBITE (English) Paul Harloff, Associated Press:
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"The stock market and even people who aren't even in the stock market have been captivated by the drama involving Elon Musk and Twitter. Two weeks ago, he announced he had a nine percent stake in the company. This week, he announced she wants to buy the entire company. Twitter has enacted what is called a shareholder rights plan, or a poison pill, to either prevent him from taking over the company or the very least kind of slow him down."
ASSOCIATED PRESS
Internet - 14 April 2022
4. Screengrab of Elon Musk Tweet
5. Various of Musks' SEC filing
ASSOCIATED PRESS
ARCHIVE: San Francisco - 13 May 2020
6. Exterior of Twitter headquarters
ASSOCIATED PRESS
ARCHIVE: Wilmington, Delaware - 13 July 2021
7. STILL of Elon Musk giving salute
POOL
ARCHIVE: Berlin - 1 December 2020
8. Various STILLS of Elon Musk gesturing against blue background
ASSOCIATED PRESS
New York - 15 April 2022
9. SOUNDBITE (English) Paul Harloff, Associated Press:
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"What this is designed to do is to stop a hostile takeover. So say Twitter rejects the existing bid from Musk for $54.20 a share. Musk has the ability to just go to Twitter's shareholders and say, 'Forget about the board, I'm offering you 54 dollars and 20 cents a share. What do you say?' With the poison pill in place, once he gets 15 percent, you know, once, say, couple of shareholders sell him six percent worth, which would bring him... That triggers this poison pill, which allows other shareholders to buy shares at a discount. And you know, why wouldn't they? They buy shares cheaper than they are. And then Elon's going to, or Musk is going to pay them more money for those shares, so why wouldn't you do that? And shareholders keep doing that. It just makes it a lot more expensive for him to purchase the company. That doesn't mean that Twitter won't eventually negotiate a deal with him, but this gives them a little more sway and they can, you know, force him to increase his bid, even though he has said $54.20's his final offer. He's a person who's been known to change his mind, so he could come in with a higher offer."
ASSOCIATED PRESS
ARCHIVE: New York - 7 November 2013
10. Various STILLS of Twitter executives celebrating on floor of New York Stock Exchange
ASSOCIATED PRESS
ARCHIVE: Wilmington, Delaware - 13 July 2021
11. STILL of Elon Musk looking up with puzzled face
ASSOCIATED PRESS
ARCHIVE: New York - 7 November 2013
12. STILL exterior of New York Stock Exchange with Twitter logo on facade
ASSOCIATED PRESS
ARCHIVE: Cape Canaveral, Florida - 19 January 2020
13. STILL of Elon Musk smiling with phone at chest
ASSOCIATED PRESS
ARCHIVE: Hawthorne, California - March 14, 2019
14. Various STILLS of Elon Musk gesturing against black background
STORYLINE:
Twitter is trying to thwart billionaire Elon Musk's takeover attempt with a "poison pill" — a concoction that companies have been wielding against unwelcome suitors for decades.
Twitter didn't disclose all about its poison pill Friday, but said more information will be laid out in a forthcoming filing with the Securities and Exchange Commission.
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