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I read "Exit" as "F--- you money", not ... well I'm not sure what you view "Exit" as if you exclude a big paycheck.

Was it F-you money for most employees, though? Sure, it was a 60% premium over the current stock price, in CUC stock which promptly dropped after the announcement.

So I suppose if you were sitting on 300k in equity it was now worth 480k, but it's not like going from illiquid paper wealth to a liquidity event...and given the company's growth trajectory it seemed likely at the time that it would get there in a year or two on its own, without a (risky) acquisition.

Dunno, doesn't seem like a slam-dunk case of F-you money to me.

I dont think an "Exit", as is commonly understood, implies that all employees get rich.

Exits are for founders / top-level guys.

Alright, but the founders here were already liquidly rich from their IPO? At lease one of the execs (Roberta) was super opposed.

They didn't do it for the personal money, they did it because they thought their shareholders would sue them, at least in part, for turning out a deal that was too good to be true.

Assuming you know what the shareholders and founders and execs were thinking, then yeah - that might not qualify for my definition of exit

Well, that’s what they’re quoted as saying in the article!

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