If I recall, the independent report found even the increased offer of 14:1 to be unfair as it didn't even end up covering the price of TMT shares before the merger was announced. Let alone that the TMT share price at the time was matching closely with the 'lowest' value the report valued TMT at. I think the 'mid' valuation was around 30% on top of that and 50% for the upper valuation.
It was a lowball offer that was rejected and they offered a bare minimum increase to get the deal across the line.
Completely normal reaction by shareholders to ask for something better in those circumstances.
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