Market Chatter: SpaceX to Count on Texas Law Provisions to Shield Against Shareholder Activism

MT Newswires Live04-24

SpaceX will rely on corporate-friendly provisions of Texas law to fend off any hostile bidders or activist investors pushing for changes at the space and satellite firm, as it prepares for an initial public offering, Reuters reported Friday, citing a regulatory filing.

"Some provisions of Texas law, and our charter and our bylaws contain provisions that could make the following transactions more difficult: acquisitions of us by means of a tender offer, a proxy contest or otherwise, or removal of our incumbent officers and directors," SpaceX said in a confidential filing cited by Reuters.

The antitakeover statute under Texas law is "expected to discourage coercive takeover practices and inadequate takeover bids," the S-1 filing reportedly showed.

SpaceX didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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