The Twitter board is reportedly not interested in Elon’s takeover offer

Photo by Vjeran Pavic / The Verge

The company's single largest shareholder could be in for a fight with the board. According to a report from The Information, it views Musk's offer to take over the company as a bad idea. Earlier today, Musk offered to purchase the company for $43 billion. The company hasn't publicly indicated how it's going to respond to Musk's offer, but it's planning to address it at an all-hands meeting today.

The board is considering using a poison pill to make it harder for Elon to take over the company. Poison pills can flood the market with shares once an investor acquires stock above a certain limit, making it easier to acquire for others when someone attempts a takeover.

The board can issue preferred stock without prior approval, as well as the poison pill provisions, in the company's bylaws.

Musk asked his followers if he should take the company private at $54.20, not the board.

Taking Twitter private at $54.20 should be up to shareholders, not the board

— Elon Musk (@elonmusk) April 14, 2022

If Musk can come up with the money to take the company private, it's hard to say if he'll be deterred by the tactics. He said in an interview that the acquisition wouldn't be about making money, but about free speech. Musk has failed to take companies private before.

In the same interview, Musk said he had a plan B, but he didn't explain it at TED. If the company does not accept his offer, he will need to reconsider his position as a shareholder. Musk purchased 9.2 percent of the company's shares but did not hold a seat on the board.

Some poison pill provisions have already been added.

Musk's tweet was added at 4:23PM.