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"Typically a board's shareholder constituency is one constituency.
At a B corp, though, shareholders are just one constituency.
"The company before was focused on one constituency, public shareholders.
"In the end, the board unanimously concluded the transaction with Citadel clearly provides the greatest benefits to our shareholders and other constituencies.
"While the board firmly believes $40 per share substantially undervalues Casey's, it has authorized discussions with the third party to explore whether a transaction can be reached that reflects Casey's true value and is in the best interests of Casey's, its shareholders and other constituencies," says the company.
This ignores the certainty that banks would have substantially raised their levels of capital and liquidity in response to the demands of creditors, shareholders, and other constituencies even if there were no changes to regulation.
But the letter also serves as an update for Mr. Buffett's most important constituency - the shareholders in Berkshire, an investment holding company.
"This transaction is an excellent example of the great results that can be achieved for all constituencies when the shareholder activist is able to work cooperatively with management," Mr. Icahn said in a statement.
Technology is merely a tool; shareholders are the least important constituency; and small is better than big.
Indeed, Mr. Lewis seems to be losing the support of an important constituency: Scores of longtime shareholders like Mr. Eliasberg, who have ties to Bank of America through businesses the bank and its predecessor acquired over the decades.
Another important constituency to watch: Posco's shareholders.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com