[colinmhayes]

I'm gonna go ahead and say this comment is misleading. The board is obligated to make decisions that they believe in good faith will maximize shareholder value. If they can come up with a reasonable explanation for why twitter is worth more than 54.20 (like it being worth 70 last year) they can go ahead and decline the offer.

[tptacek]

Notably, from one of that post's own links:

A board can use the protection of a rights plan to respond to an underpriced bid, counter the tender offeror's timing and informational advantages, and force the hostile acquirer to negotiate with the board.