Musk Exploring Tender Offer for Twitter

Elon Musk proposed to acquire Twitter at $54.20 per share, valuing the company at $43 billion. He secured $46.5 billion in debt financing from major banks. The board's fiduciary duty to consider the offer is debated, given Twitter's past stock value. Other potential bidders and the white knight theory are discussed, with financial backing from firms like Morgan Stanley and Apollo.

What is the fiduciary duty of the Twitter board in relation to Musk's offer?

What does the term 'white knight theory' refer to in the context of corporate acquisitions?