Microsoft Viva, page-55

lol.

You cant block with just 10%, but they can sure try. Hence CS as defence, its likely to get hostile.

There is a greater intrinsic value for the company then Karl has been able to convince the market that it is worth. He has done at great job growing to this point, but he has pissed off a lot of the fund managers and insto's along the way and in order for the gap between intrinsic EV and market cap to narrow, consensus around town is that Karl needs to go. He knows the board can just punt him (failing SP, they definitely have grounds), so he will realistic with the PE guys, because its either he cuts a deal and realises his equity, or gets fired by the board and someone else comes in and has a go at steering the ship which may or may not include a PE buy out.

PE firms will obviously try and find a price that works for Karl but no way will be above 65c. Whether he's on board or not, they could just go to the other insto's on the register and go activist. Once its private, they will ramp up and list in the US in a year or two where tech firms attract the right multiple.