... It doesn't stop shareholders from selling their shares
to Musk. ... And of course the Fiduciary Responsibility
of the board there. How will the board actually reject
a higher offour? ... Thet're just trying to buy time
- some time to find a "money Angel" to perchase it
before Musk does.
### Salty
Originally Posted by Salty Again
It doesn't stop shareholders from selling to Musk Salty - but the poison pill works to dilute his shares once he goes over 15%
Where the Board is open to liability is by not putting the offer to buy shares to a shareholder vote. There are law firms that live for this so these will happen if the Board rejects the offer with no shareholder vote
Now Musk is a smart guy - and he already stated he has a Plan B. Only takes 4 people/entities to accumulate over 50% of the stock without anyone triggering the 15% poison pill threshold. Musk is connected to other heavy hitters. And there are a number of hedge funds out there who could be looking at this as a way to make a quick buck by taking a big position and selling out to Musk
There is also always the option of a proxy fight
And those are just 2 off the top of my head. But it depends on how far Musk wants to push it. He has already exposed Twitter management for the corrupt biased regime they are - so he has already won. But that doesn't solve the issue of restoring free speech to Twitter - so it will be interesting to see the next move