April 19, 2022 by George Rasley
Here’s your first clue Twitter is not really a business with a fiduciary duty to maximize shareholder value – when Elon Musk made a public offer to buy the company for $54.20 a share (roughly $40 billion) the company’s management not only turned down the offer, but began to work on a poison pill defense aimed solely at Mr. Musk, who is already Twitter’s largest shareholder.
According to reporting by the New York Times, some investors and Wall
Street analysts said that Mr. Musk’s offer of $54.20 a share was too
low, and that he would need to go to at least $60 a share to appeal to
shareholders. That would be 25 percent higher than the share price when
Mr. Musk announced this month that he had acquired a 9 percent stake in
Twitter................To Read More....
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