Shareholders were being offered a very nice premium on the stock price, so Twitter upper management would have been awash in shareholder lawsuits if they'd rejected the deal.

Essentially, the Twitter board was snookered once Musk made a serious offer.

Essentially, the Twitter board was snookered once Musk made a serious offer and the market tanked making the premium >100%.

I'm curious to see if such lawsuits have succeeded in the past - in similar situations.

I'm curious if this (lawsuits) has happened before.

You do realize that if they didn't accept the offer, C-suite would be pursued by shareholder lawsuit holding them liable for lost valuation?

Maybe someone who is an expert can comment on this. It seems the board tried to block it at first.

https://www.pbs.org/newshour/economy/twitter-board-of-direct...

Also -

"A Saudi prince who is among Twitter’s major shareholders scoffed at Musk’s offer in a Thursday tweet. Al Waleed bin Talal said he would reject Musk’s overtures because he didn’t believe $43 billion “comes close to the intrinsic value of Twitter, given its growth prospects."

Not selling the at the price he offered would have been massively violating their fiduciary duty. Twitter stock would probably be worth like $20-30 given the current market versus the $54 offered.

There is a lot of confusion with people offering their own opinions.

https://www.pbs.org/newshour/economy/twitter-board-of-direct...

It seems the board tried to block it at first.

Also -

"A Saudi prince who is among Twitter’s major shareholders scoffed at Musk’s offer in a Thursday tweet. Al Waleed bin Talal said he would reject Musk’s overtures because he didn’t believe $43 billion “comes close to the intrinsic value of Twitter, given its growth prospects."

That has nothing to do with the contract Musk actually signed.