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and then fired the c-suite on the first day for cause
these sorts of things are common in acquisitions
this is all part of the dance, just like his bucking in the chancery court to get Twitter to make statements in response
I used to work M&A. No, waiving due diligence is the opposite of common. There are multiple SaaS providers that offer VDRs for due diligence because exceedingly rare is the transaction that exempts it.
Waiving due diligence then stating conditions within a target company pose enough of a concern you might not want to complete your transaction doesn’t work. The target can hammer you in court. Musk completed the purchase, predictably, just before the judge’s imposed deadline of heading to trial.
Twitter’s board had a responsibility to maximize shareholder value, not make blue checks happy after the sale. Musk was on the hook to (1) pay over the market share price to take Twitter private, or (2) pay Twitter a huge sum in penalties for not completing the deal. At that point, Musk had no leverage over Twitter’s board because either outcome was a win for shareholders.
Yeah, which firm?
I didn't write waiving due diligence is common, I wrote "these sorts of things," i.e., publicly whining, threatening to go to court, going to court, and all other such things because each of them can have a benefit/cost to either party.
edit: wow you made a bunch of edits after I responded
which actions?
public comments? legal threats? court?
we're not talking about post acquisition, but the process of acquisition
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Ah, yes, I’ll just post my CV to this forum where anonymous accounts debate whether or not there are cabals of Jews that have disproportionate power in American society.
And yes, that sort of brinksmanship can have benefits. But given Musk signed away DD, assumed responsibility for mollifying any federal regulators and agreed to sizable penalties for backing out in his offer to purchase, I’m all ears as to what you think those were for Musk. Because in this case there was no incentive for concessions from Twitter’s board.
wow, you made a bunch of edits to your previous comment after I responded
oh yes, saying you worked at CBRE is basically you posting your full name and home address to the internet
this is why I typically just roll my eyes when someone tries to capture some sort of authority with a claim about life experience which isn't immediately obvious from their comments; if you don't want to post a CV, don't attempt to use it to get some sort of air of authority
it's downright goofy someone who claims to have experience in M&A would write your comments because it has no recognition that public comments, legal threats, refusals, lawsuits, etc., are common in M&A, no demonstration of the terminology normally used in these agreements, and no discussions whatsoever in the costs or benefits of any of these tactics
all of these tactics can and are part of the dance and each of them has costs and benefits to accomplish some purpose, even as simple as stalling for time
instead you simply assume Musk is the dog who caught the bumper and "predictably" would close the deal which is why you bought Twitter stock at $36 knowing it would be bought for $55 a couple months later, right?
Why start the story in the middle of the chancery case? Everyone seems to gloss over the timeline in favor of "current thing" hottakes.
Musk semi-secretly buys large stake in twitter over the period of a month. Twitter board freaks out and tells him no way and then engages in a bunch of anti-shareholder behavior in order to stave off Musk. Musk then makes a proposal. Twitter refuses the offer. Corporate lawyers start scrambling to put together a shareholder lawsuit. Twitter agrees to proposal. Musk claims he doesn't want to buy the company anymore due to fraud. Twitter sues him in Chancery Court to force the deal. Musk completes the deal.
We went from Twitter willing to fuck over shareholders to stop takeover to Twitter suing Musk to force him to take the company over and then Musk buying the company he made a no due diligence buyout agreement with and your hot take is he's just been bumbling along? Huh, okay.
Yes. Because the middle bit in between is rising interest rates, declining values for tech stocks, and Musk on the hook for a big payout for a bloated company.
if only Musk had that crystal ball of yours which perfectly predicts the future when he had to make the decision in the past
in a few short years, you should be able to turn that crystal ball into a multibillion dollar investment firm
I look forward to seeing it
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