ann - management buy out of europe business, page-5

I have to say I'm a bit confused by this type of action - are management saying that it's worth more to them if they own it, rather than shareholders? Then up to now, have they been managing the business to maximise shareholder's return, or minimise the price ahead of a possible transaction? I for one am deeply suspicious and would want to review any detailed proposal carefully.

Does anyone know if this sort of thing has to go to a shareholder vote, or can it simply be accepted by the independent directors and go through?