Source: China Finance Online Co Ltd

Twitter is reported to have hired JPMorgan Chase & Co to advise Musk on his proposed acquisition of Twitter. In addition, Twitter is said to be dealing with the intention of acquiring Twitter from many aspects, such as private placement Thoma Bravo.

Twitter has already hired Goldman Sachs Group, an investment bank, to advise Mr Musk on his takeover proposals, compared with a history of battles between JPMorgan Chase & Co and Mr Musk.

On the news side, Twitter adopted a long-term shareholder rights plan (commonly known as the "poison pill") earlier Friday to protect it from a hostile takeover bid. and take steps to prevent billionaire Elon Musk from proposing to take the company private.

It is reported that Twitter's board of directors has drawn up a shareholder equity plan, which can be exercised if a party acquires 15% of the shares without prior approval and is valid for only one year. The plan aims to ensure that anyone who accumulates a controlling stake in Twitter through the open market pays an appropriate control premium to all shareholders, according to a statement on Friday.

Tesla, Inc. CEO Musk proposed Thursday to buy Twitter for $54.20 a share, valuing the social media company at $43 billion. Musk called it his "best and final" offer, and he has owned more than 9% of Twitter since earlier this year. Twitter's board of directors met on Thursday to review Musk's offer to determine whether it is in the best interests of the company and all its shareholders.

The poison pill plan allows existing shareholders to buy more shares at a discount, which is tantamount to diluting the ownership interests of the enemy. Poison pills are commonly used when companies are attacked by activist investors or faced with hostile takeovers.