Ann: Chairman's Address to Shareholders, page-4

From the AGM address:

"The MBO process was a significant drain on management time and resources at a critical period when several platform improvement projects were in execution phase."

Why on earth did they waste so much time on the MBO process when they were in the middle of critical system upgrades? Why didn't they tell Bain to put an offer on the table or get lost? Why did they spend so much effort pandering to Bain? Management seem to have been very stupid. Are they capable of running this company? The share price has dropped 9 days in a row the market seems to have little faith in present management!