Re: Yet Another Arnold Article

"Wayne Niddery [TeamB]" wrote
> Angra Mainyu wrote:
> > However he noted that if the
> > company received an offer for either of those businesses, he and the
> > board would be obliged to consider them in line with their usual
> > fiduciary duties and responsibilities.
> >
> > If there was any doubt before, this should put the tools business
> > into play.
>
> Why? He has only stated what is true - a BOD *cannot* ignore any such offer
> if at all reasonable. It would also be true if someone offered to purchase
> the ALM tools. If such an offer seemed to be in the best interests of the
> shareholders and the BOD refused to consider it, they could be sued. Thus
> his statement is not in any way putting up a "For Sale" sign outside of this
> general context.

While it is true that management and the BOD cannot ignore offers he could have
said something like "We consider the tool business our crown jewel" which would
have circumvented having to say anything at all about receiving offers for
portions of the company. See the difference? When a CEO starts openly talking to
the press about receiving offers, it is usually interpreted in the financial
community as code words for putting it into play.



.

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