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Strategies & Market Trends : The Round Table: A work by the squares of the SNDK thread.
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To: Bill Zeman who wrote (114)4/8/1999 2:02:00 PM
From: Art Bechhoefer   of 194
 
Bill, I agree that IACO looks ripe for takeover. I doubt that management wants this and would be amenable at this time, based on the recent poison pill announcement. Instead, management is quite content to tell the rest of the industry that it is confident it can build this business without being owned by someone else. On the other hand, IACO has shown a willingness to share its technology with others like PSFT, in an effort to gain wider acceptance. That's simply good management practice, in my view.

Notwithstanding the poison pill, management has a LEGAL obligation to act in its shareholders best interests. A buyout offer at, say $25 per share, would be hard to refuse without incurring shareholder lawsuits charging breach of fiduciary responsibility. So a poison pill really doesn't deter a takeover if the price is right. Art
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