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id: 297, Created by Stan Vick, Scout
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On April 25, news came out that an agreement between Twitter (TWTR) and Musk had been reached at the originally announced price which is contrary to the usual practice of raising the buyout price in the event of an initial refusal.
On this news, TWTR stocks moved higher, damaging short sellers and covered sellers who made decisions based on previously announced BoD actions.
Back on April 15, Twitter's (TWTR) BoD approved a hostile takeover defense program called «the poison pill», making the Takeover problematic.
Taking no material changes in the proposed deal during that short period into account this course of action can be explained only by BoD negligence.
Failure to Disclose,
Breach of Fiduciary duty
Shock Event Date
25 April 2022