yes agree with you re the revolving door. However I believe that...

yes agree with you re the revolving door. However I believe that people will, if presented with a choice, act in their own self interest in the absence of substantial and visible support to the contrary. The new PAN board and management team are not aligned, i.e they don't have or haven't received shares yet, so they dig in and reject the offer, they are still just employees and not yet owners. Contrast this to Victor's last role at EAR, where his and numerous board member performance shares vested on a control event (takeover) and were in fact weeks from expiring before what was widely viewed as an opportunistic takeover came from NST. In this case the board immediately accepted, they didn't seek the opinion of an independent expert as they did in this case, they were 'aligned'.