Shareholders await Musk’s next move in Twitter takeover bid

By TOM KRISHER and MATT O’BRIEN
AP Business Writers

DETROIT (AP) — Twitter has dropped a major roadblock in front of Elon Musk’s effort to take over the company, leaving investors to wonder about the mercurial Tesla CEO’s next move. Twitter has adopted a “poison pill” defense that makes it difficult for Musk or any other investor to buy Twitter without the board of directors’ approval. Musk, who currently owns about 9% of the company, last week disclosed an offer of about $43 billion, or $54.20 per share. Twitter’s next likely move is to formally reject Musk’s offer, or it could start negotiations. Musk has a number of options which also include talks with the board, sweetening his offer, or even triggering the poison pill, which could destroy the company.