Ariad Pharmaceuticals Inc fka ARIA

[BTH]

Even with a staggered Board, couldn't a majority shareholder vote be enough for even a hostile bid to allow for a takeover?

Does the Board really have the ultimate say in a yes or no situation, even if, say, 75% of shareholders approve of a hostile bid? I am asking this because I haven't read the By-Laws of the Company (I don't know if I really need to, in order to have that question answered). It's more of a question for an attorney or investment banker.

I was intrigued by all the changes in employement agreement with respect to % ownership etc., in the wording and change in control etc. I don't think Berger did this because he "knows" there is a change in control coming. I honestly believe he took a look at the Fidelity position of 14.98% (that's a really big position and at the time was .002% away from triggering a poison pill), and got scared that with the Fidelity position and other institutions now owning 50% of the company, he could be either tossed out (if he once again becomes a ineffective and greedy CEO) or the company is vulnerable to a takeover.