I was thinking the holdings of the Baker Brothers and other supportive institutions may be management's best protection. Although I don't know how many shares the Baker Brothers have. That and the fact that shareholders seem very happy with the job JT has done.
Nope. They do not have. The SA article was wrong about "the shelf" and the function / role of Citibank (as a depository bank).
I am not aware of anything that could stop a potential buyer (PB) to announce a firm offer (w/o recommendation of the BOD) … PB could do it if it wants … shareholders' vote could stop / reject the (hostile) offer.
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