Dumb question: what makes this a “hostile takeover”?
Elon’s bid was non-binding, and unless I’m unaware - he isn’t trying to actively change the board or management.
So what makes this “hostile”?
Elon’s bid was non-binding, and unless I’m unaware - he isn’t trying to actively change the board or management.
So what makes this “hostile”?
Most private takeovers are negotiated by the board/management (ostensibly on behalf of the shareholders). Going over their head and straight to shareholders is when it's called a hostile takeover.
As far as Elon not planning to replace the board/management. I would say that it is a foregone conclusion that he will clean house if his takeover succeeds. He has been actively critical of their management.
Link: https://d18rn0p25nwr6d.cloudfront.net/CIK-0001418091/947c0c3...