Twitter uses 'Poison Pills' to sue Elon Musk over failed deal

 Elon Musk filed a document to attempt to cancel his $44 billion takeover of Twitter

Twitter announced that the company would proceed with the legal action to complete the deal as agreed upon.

Twitter reportedly hired the firm Wachtell, Lipton, Rosen & Katz, whose founding partner, Martin Lipton, credited with inventing the shareholder rights plan or “poison pill” defense

Twitter initially used this 'Poison Pill' defense to put the brakes on Musk’s attempted buyout.

 A poison pill strategy gives existing shareholders the right to purchase additional stock at a significant discount, thus diluting the holdings of a new, hostile investor

Wachtell Lipton’s hiring, as reported by media, suggests Twitter is serious about arguing its case in the Delaware Court of Chancery.

Musk is said to have hired Quinn Emanuel Urquhart & Sullivan law firm to defend this case


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