Unfortunately, it has become a common practice for advisors and...

Unfortunately, it has become a common practice for advisors and boards to say "the bid is a certain ~30% above the pre-bid price and, if the bid fails, the price may revert (and the bid is near the assessed fair value based on a current set of parameters) so we recommend SELL" and this has become accepted as "standard practice".
I consider that they should also address the key question for existing owners of the company (aka shareholders): is this company likely to be a valuable long-term holding for shareholders (ie growing profitability over several years, if not decades)? In which case, the supplementary question becomes, does the extent of the short term gain adequately address this long-term value?
Years ago as a Cochlear (COH) shareholder I participated in in a shareholder forum (not run by the company) which discussed a range of matters relevant to COH and how we might value the company and make buy/sell decisions. COH was then at about $20sp on a P/E of 30-35 (ie high) and had a div yield of ~1%pf (ie low). But it was the world leader in cochlear hearing implants and was growing profitably. When the question was put to the shareholder group "At what price would you accept a takeover?", most answered "an extra 30-40%". I was not surprised at the responses, but was shocked at the short-sightedness. My response was: COH is a profitable business, has a market-leading position, is well-run, and is growing at ~15% per annum compound - if you accept takeover money, all you are getting is what COH will be in 2 years time (or less if you pay CGT) and how will you find another company as good to replace it in your portfolio. It does not matter here that no take-over bid was made for COH, but it is relevant that COH is now ~$340 and its business is still profitable and growing. Holding quality was a good strategy!
Holding good companies through thick and thin (and hoping/acting so that they do not get taken out of your hands during the "thin") is a key to long-term investment returns.
Let's hope the ORG is now run for we shareholders and that we can continue to hold onto it.