Only 10 days after Twitter adopted a poison pill, its directors have accepted Elon Musk's offer at its original value. That suggests board weakness, financial vulnerability, a lack of other bidders, or all three, writes rob_cyran:
Register now for FREE unlimited access to Reuters.comNEW YORK, April 25 - You have to hand it to Elon Musk: He gets things done. Not only did he pull together funding for a $44 billion personal acquisition of Twitter in days, he has persuaded the company to accept his offer in short order.
The norm would be to demand a higher price from Musk, seek bids from others, or make the case for the company being worth more on its own. Perhaps the board just did a poor job of selling. Co-founder, board member and former chief executive Jack Dorsey has tweeted that the board “has consistently been the dysfunction of this company.” That’s a fair criticism considering the company has failed to take advantage of its high profile. A clear business strategy has been hard to discern.
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