Correct to a degree. However the key here is the word "must". They "should" resign. They likely won't. That will then trigger a shareholder lawsuit where they will need to explain EXACTLY why they refused. And "Ahh...we felt like it wasn't in our interest" won't cut it. And due to the size of the offer involved, it will likely outweigh their insurance bond, and potentially expose each of them to personal liability.
A multi billion dollar multinational is very different animal than a small cap public company. Elon has this planned out. Every single one of his filings and statements has clearly stated shareholder value can only be realized through free speech. This means free speech will be an absolutely inseparable part of the suit.
"How do you introduce evidence legally?"
I don't know Elon's exact legal strategy here, but even I can see the pattern. None of this is being done by whim or accident. The board won't be able to wish this away. Jack Dorsey was smart to resign. We know Salman visited him. Did he know what was coming?
You are correct. It doesn't. Neither does any unsupported opinion of the board. "Correctness" can only be determined during the shareholder lawsuit. The point is however, that what he says now as to why he is making the offer will form a relevant part of that suit. So the board will need to defend with actual facts WHY free speech is not relevant to shareholder value as part of rejecting his offer. Their personal opinion is insufficient. They have a fiduciary responsibility to evaluate his offer on its merits.
Correct to a degree. However the key here is the word "must". They "should" resign. They likely won't. That will then trigger a shareholder lawsuit where they will need to explain EXACTLY why they refused. And "Ahh...we felt like it wasn't in our interest" won't cut it. And due to the size of the offer involved, it will likely outweigh their insurance bond, and potentially expose each of them to personal liability.
A multi billion dollar multinational is very different animal than a small cap public company. Elon has this planned out. Every single one of his filings and statements has clearly stated shareholder value can only be realized through free speech. This means free speech will be an absolutely inseparable part of the suit.
"How do you introduce evidence legally?"
I don't know Elon's exact legal strategy here, but even I can see the pattern. None of this is being done by whim or accident. The board won't be able to wish this away. Jack Dorsey was smart to resign. We know Salman visited him. Did he know what was coming?
You are correct. It doesn't. Neither does any unsupported opinion of the board. "Correctness" can only be determined during the shareholder lawsuit. The point is however, that what he says now as to why he is making the offer will form a relevant part of that suit. So the board will need to defend with actual facts WHY free speech is not relevant to shareholder value as part of rejecting his offer. Their personal opinion is insufficient. They have a fiduciary responsibility to evaluate his offer on its merits.
There won't be a lawsuit.
Believe that if you want. But the future will prove you are very wrong.