Multiple high profile Twitter shareholders have called for the company to offer a vote on Elon Musk‘s offer to buyout the company’s stockholders for $54.25 per share, about $34 billion, and take it private, following the company’s decision to swallow a “poison pill” to prevent a hostile takeover.
Conservative commentator and popular author Kurt Schlichter, Canadian journalist Keean Bexte, radio host Clay Travis, and Texas media publisher Michael Sullivan are among those calling for a company vote.
“As a Twitter shareholder, I demand that the Board pursue shareholder interests and not their own with regard to the @elonmusk offer,” wrote Schlichter on Twitter.
“Each board member has a fiduciary duty to do so.”
As a @Twitter shareholder, I demand that the Board pursue shareholder interests and not their own with regard to the @elonmusk offer. Each board member has a fiduciary duty to do so.
— Kurt Schlichter (@KurtSchlichter) April 15, 2022
Schlichter was not the only shareholder to remind Twitter’s Board of Directors that it has a legal responsibility to act in the best interest of its shareholders.
Travis also noted that he is a “long time @twitter shareholder” and said that Twitter’s poison pill decision violated “their fiduciary duty to maximize shareholders returns”.
He added that if the board’s actions do not lead to a sale “of the company for over $54.20,” then their actions “will lead to monster lawsuits costing the company billions of dollars.”
I am a long time @twitter shareholder. Today’s actions by the board violate their fiduciary duty to maximize shareholder returns and if they don’t lead to a sell of the company for over $54.20 will lead to monster lawsuits costing the company billions of dollars.
— Clay Travis (@ClayTravis) April 15, 2022
Sullivan also reminded Twitter of its legal responsibility to make money for the shareholders.
“I demand a vote on @elonmusk’s officer,” Sullivan wrote on Twitter. “The board has a fiduciary responsibility to me and all the other shareholders to maximize our investment.”
As a @twitter shareholder, I demand a vote on @elonmusk’s offer. The board has a fiduciary responsibility to me and all the other shareholders to maximize our investment.
— Michael Quinn Sullivan🇺🇸 (@MQSullivan) April 16, 2022
Bexte offered a more optimistic message to Twitter’s board.
“A good chunk of my investment portfolio is actually in Twitter,” noted the journalist. “I want to sell it to @elonmusk at the price he offered. Let the shareholders vote.”
A good chunk of my investment portfolio is actually in Twitter. I want to sell it to @elonmusk at the price he offered. Let the shareholders vote.
— Keean Bexte (@TheRealKeean) April 14, 2022
Twitter’s “poison pill” defense will stop Musk or any other investor from buying more than 15% of the company. However, analysts note that Musk could circumvent this with proxies, and ultimately vote to fire the board once attaining 51% of the company.
Musk has teased a “Plan B” option that some have speculated could mean the creation of a new social media website or a hostile takeover of Twitter.
Moparguy
April 18, 2022 at 5:42 am
This isn’t over with yet. Democrats are scared to death of a free speech platform, let it roll.