Twitter Adopts Anti-Elon Poison Pill

JC Parets
April 18, 2022

We’ll lead off today with an update on the big activist story we’re all paying attention to.

After meeting last week to discuss Elon Musk’s takeover offer, Twitter’s $TWTR board announced the adoption of a “poison pill” that makes it economically untenable for Musk to acquire more than 15% of outstanding shares.

It’s also being rumored that Musk is considering taking on partners for his bid for the company.

And as if he doesn’t have enough on his hands, the Securities and Exchange Commission and the Department of Justice have announced a joint investigation into Musk’s business dealings.

Musk discussed his takeover attempt at a TED Talk conference on Friday. You can watch it here.

Now for some new filings...

Winder Investment Ltd continues to accumulate shares in Sensient Technologies Corporation $SXT.

The firm’s latest filing reveals an additional purchase of $2.9 million of stock.

Altimeter Partners Fund LP filed a Form 4 revealing a $1.9 million purchase in Confluent $CFLT.

Durable Capital Partners LP filed a 13G revealing a 5.6% ownership stake in the mid-cap payment processing company Shift4 Payments $FOUR.

Here’s The Hot List, with data through April 14, 2022:

In another Form 4, JW Partners LP reported a $2.4 million purchase in the medical technology company Establishment Labs Holdings $ESTA.

The hedge fund owns over 3 million shares of ESTA, representing an ownership stake of approximately 13%.

The only 13D on our list today was filed by Hill Path Capital, revealing a 10.30% ownership stake in the American restaurant and entertainment business Dave & Buster's $PLAY.

In the options market, we saw bullish flow in the world’s largest athletic apparel company Nike $NKE as well as the oil & gas services company NOV Inc $NOV.

Last but not least, over in Washington there was some activity from Rep. Earl Blumenauer of Oregon, who revealed a small purchase in the large materials name Air Products and Chemicals $APD.

Rep. Mark Green of Tennessee also revealed a significant purchase between $250,000 and $500,000 of the midstream oil and gas operator Energy Transfer $ET.

Stay tuned. We'll be back Tuesday with more insider action.

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All Star Charts Team

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