Comment by airstrike
1 day ago
Yes, but that isn't all you said and it isn't even right.
Public shareholders generally don't insist on anything as they are dispersed. They may elect directors to the board, but that question gets into all sorts of dynamics about who actually really votes when annual meetings come around, board independence, activist shareholders and whatnot.
Put all of that aside and assume for a second that directors are a perfect representation of shareholder interests. Boards do not "insist on a sale". Instead, they may have the _fiduciary duty_ to consider bona fide acquisition offers and take the decision that maximizes shareholder value, triggered upon certain conditions (cf Revlon Duties)
How many times have the board refused a sell for the right amount of money.
That is not "insisting on a sale". Selling for the right amount of money is literally the right decision to make!
The entire submission is about someone who doesn’t want to be acquired even at “the right price”. You don’t have that option when you take outside investors.
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