[t_mann]

Not sure. Twitter board members have a fiduciary duty towards shareholders. If they accept a lot less than they could get by simply enforcing the rules (at a comparatively negligible cost) because they don't want to look mean, I reckon there's a very high probability that they will get sued by some hedge fund.

[ergocoder]

People keep throwing this word around... yet the board accepted the first offer from Elon with no negotiation. Nobody is suing twitter board for this.

Who does that? Even new grad negotiates their offer...

[pclmulqdq]

People with no other options take their first offer. Negotiating is for people with alternatives.

My guess is that they floated the price to a lot of potential acquirers during the poison pill debacle, then they got nothing higher.

[ergocoder]

New grad with no other offers still negotiate...

Not even negotiating once is just very odd.

[pclmulqdq]

New grads with no offers still try, but their only alternative is "I say no and keep looking." Twitter's board's alternative is "I say no and get sued by shareholders." Negotiation only works if you can walk away, and it's not uncommon in business deals to accept the first offer if it is generous enough.