Isn't your sample biased? Distressed companies are more likely to attract takeover attempts (hostile or not) compared to healthy ones; and they are also more likely to tank. As far as I can tell, Twitter is not in financial distress.
From Twitter's 2021 10K:
"FY 2021 Highlights Total revenue was $5.08 billion, an increase of 37%, compared to 2020."
2021 net losses were $221M, which is a big improvement on $1.135B in 2020.
Honestly seems like things are really shaping up @ Twitter.