Musk’s Twitter Gambit Tees Up Who’s In-or-Out White Knight List

Twitter Inc., which is trying to defend itself against Elon Musk’s $43 billion takeover bid, has a poison pill in place, so the next obvious move on the hostile M&A to-do list is likely already being contemplated: a white knight.

White knights ride in as rival buyers to save companies pursued by unwelcome suitors, often sparking a bidding war that benefits the target’s shareholders no matter who wins. Let’s game out which of the potential bidders now lighting up Twitter feeds may or may not come to the company’s rescue, including some wild cards.

Who’s Out

Alternative asset ...