translates as "we're going to be fired instantly if there's a buyout". The incompetents that are running TLB are hunkering down trying to keep their jobs. "Poison Pill" defenses are simply another way that execs and boards can legally screw the shareholders. Surprising how quickly they can act in their own interests.
Not all that unusual or shocking. Of course they are going to cover their @sses. This is good and bad. It is a slight put off for PEs looking for an easy takeover. But with a target this appealing, it just ensures they are going to have to make an attractive offer if they want to buy it. So we will all benefit from that.
If they get stupid with a good offer, the board will be legally liable for ignoring shareholders interests.
"trudy and co. have really outdone themselves this time. She drives the company to the brink of BK and then has the nerve to resort to illegal tactics to save her job or at the very least make bank after a takeover all the while screwing the common shareholder. I wish trudy would take an ACTUAL poison pill blah blah oil blah blah oil i love oil come drill oil with me blah blah"
Agreed with all both said. But to your comment of the Board's liabilities - any "long" shareholder will suffer. The 'shareholders' will pay for any legal action and nothing will come out of the pockets of the Board. never a claw back.
The only beneficiaries will be the "plaintiff lawyers" for fees. each individual investor would get pennies on what will be called "damaged shares". It will not be worth filling out the paperwork and providing documentation.unless you held 10's of thiusands of shares as of today.
By the way, any claim for "damaged shares" will not include from today forward. Shares bought maybe the last 60 days could be "damaged" by this.