One thing is fiduciary duty to the shareholders, another is “pleasing the shareholders” as you describe it. Pleasing the shareholders is necessary only when dis

One thing is fiduciary duty to the shareholders, another is “pleasing the shareholders” as you describe it. Pleasing the shareholders is necessary only when displeasing them means they will sell the stock when there is no buyer. If there is a buyer, the current shareholders are less relevant — as long as management cannot be accused of not fulfilling their fiduciary duty to them.