But didn't they already voluntarily transfer control away by issuing stock? Isn't that what stock is? The CEO doesn't own a publicly traded company, the shareh

But didn't they already voluntarily transfer control away by issuing stock? Isn't that what stock is? The CEO doesn't own a publicly traded company, the shareholders do. And if they don't think a sale is a good idea they can just not sell their shares at the offered stock price. I'm being a bit intentionally naive, but I don't understand who the "they" is that is supposed to have a valid worry about losing control.