"Elon Musk’s Funding for Tesla Wasn’t So Secure"

Matt Levine:

It seems that Musk's offer to buy Tesla at $420 a share would be contingent on a large majority of shareholders turning it down. That is not how takeover offers usually work! Like, usually, if you offer to buy my shares for $420, and I agree to sell you my shares for $420, then you are happy and you give me the money and I give you the shares. Here, Musk's offer to buy everyone's shares for $420 seems to require most of the shareholders saying no.