Problem with your theory is shareholders were never given the...

Problem with your theory is shareholders were never given the final opportunity with a transaction that when canned was no longer worth anywhere near 335M. 40% down when it was closed.

Add to that the majority board acted with total disregard to shareholders eg, they should have first attempted to get AA on board with the offer + provide transparency on the offer progress via announcing that they had approached LFS and they declined to increase their offer (after all why would anyone give you money when you talk down how bad the business is) then advise shareholders with voting so far that majority of holders have voted no. No numbers required for discretion purposes but this allows holders to act with transparency and let it run to the final vote.

The actions of the majority board are inexplicable, they talk one thing then contradict what they say. It is confusing and arrogant that they feel there is no need for good dialogue but instead they act with haste and disregard for most shareholders.