> I don't know how M&A "works". In general it's the buyer who names a price first. Take the current Twitter acquisition, the board weren't trying to sell the c

> I don't know how M&A "works". In general it's the buyer who names a price first. Take the current Twitter acquisition, the board weren't trying to sell the company at all and Elon Musk made an unsolicited bid of $54.20/share. Other times the board may be actively looking for a buyer and have a price in mind, but it will still typically be up to the buyer to propose a deal. Not least because the number isn't the only thing being negotiated: the buyer will likely have a range of stipulations or conditions attached to the bid so every bid will look different.