Not that they are blameless - far from it - but they had a fiduciary responsibility to pursue the deal because it was good for their shareholders
That’s not the case at all, though it’s very often believed to be and stated as such on here and Reddit.
“Fiduciary duty to get profit” is a libertarian myth. It has no legal basis.
It’s a myth so widely pushed and accepted over the decades that just calling it a myth won’t be accepted as an argument against it at this point.
What I think is interesting is that this sense of fiduciary duty can be used by a company to do whatever they want. Mass layoffs are part of a fiduciary duty to cut costs. Mass hirings are part of a fiduciary duty to expand operations for growth. At this point it’s less a myth and more an excuse for doing whatever.
No, I don’t think that’s true. Twitters board had to sue for specific performance because Musk backed out of a formal offer in the late stages for fabricated reasons. It’s not like it was “sue musk or go to jail” but their job as board members comes with a fiduciary obligation, and musk was paying 38% over the share price. Twitter is FAR from blameless but sueing musk isn’t a failing https://corpgov.law.harvard.edu/2022/07/14/twitter-vs-musk-the-complaint/
That’s not what I said. I said the “Fiduciary duty to make profit” that keeps being brought up whenever corpos act like sociopaths, is a myth.
