PPS Board's destruction of value

I was reflecting today on the PPS Board's hubris and lack of achievement. As you all know, they previously knocked back the takeover offer from netwealth which comprised:
1 NWL share for every 11.96 PPS shares PLUS any proceeds generated by the sale of the international business to Morningstar over $50M.
The value of that bid today is approximately $2.35...more than 4 times the current share price...and that's after a decent rally from the lows!
What were these Directors thinking when they made this fateful/arrogant decision? Were they thinking about shareholders, or just about the risk of losing their own fat salaries and perks? What was their grand strategy in knocking the offer back? And how well have they executed since then?

I was recently speaking to a person who was reasonably close to this takeover, and when I hopefully enquired whether it would ever be revisited, I was told very frankly that the manner in which the PPS Board dealt with the netwealth Board was extremely rude and arrogant, and that NWL were so put off by this that they would never re-engage...they've moved on to bigger things.

Thankfully I was conservative and sold some of my PPS shares above $1.30 during this takeover saga...but that was far too small a portion of my PPS holdings. I stupidly hung on to the majority for tax reasons (which would have had rollover relief if the takeover went ahead), and that's my bad, but my broader question to other holders is this: How can we trust this Board of Directors to drive value, when they've shown such poor judgement and delivered such poor results? I think PPS shares are still too cheap and may benefit from some industry consolidation, but if the PPS Board is antagonistic towards fair offers and engages so poorly with other management teams, how will we ever extract value from being PPS shareholders?

The risk I see for PPS is that the business slowly becomes irrelevant and outcompeted by bigger and better funded rivals who can diversify their risk by taking stakes in potentially disruptive technologies and ancillary businesses to hedge their bets (as HUB and netwealth are constantly doing) whilst PPS languishes with all of our eggs in one basket due to our lack of scale and capital. Platforms are a scale game requiring constant reinvestment, and they also require a dynamic management team who can be nimble and pivot to capture opportunities and invest pro-actively to neutralise/manage emerging threats. I'm beginning to wonder whether PPS lack the capital and leadership team to achieve this, and maybe that's what the market is also thinking, and why we lag the growth rates and earnings multiples achieved by our listed platform peers.
Maybe I'm just being down-hearted, but I would be very appreciative to hear other holders polite views on these matters, and what they see going forward for PPS.