I suspect Dan Browne wouldn't want to sell unless he were offered a high-ranking job in the acquiring company.
Think of the AMZN-WFM deal. WFM probably could have obtained offers better than $42/sh from private-equity firms, but not offers that retained all of WFM's top management.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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