> He must be completely convinced it will be seized If you've listened to Buffett talk about investing, probably not. He got to be the world's greatest investo

> He must be completely convinced it will be seized If you've listened to Buffett talk about investing, probably not. He got to be the world's greatest investor by understanding risk and probabilities very well. He doesn't need to be "completely convinced", just convinced that the expected value of his shares won't be positive. Suppose he thinks there is, say, 25% chance of a takeover (which is definitely scary but far from 100%) - in that case his shares go to 0. He could easily think that the potential upside just doesn't outweigh that significant chance of a total wipeout.