Mac left out the key words here, being "Final Offer". This is...

Mac left out the key words here, being "Final Offer". This is not their final offer yet.

It's true the board hasn't received a Superior Proposal. That's because as far as we know, they haven't received another proposal. What they have is a hell of a lot of angry shareholders who don't agree with the takeover price and are willing to replace control of the board. That's not a proposal, that's an uprising.

Mac's strategy (aka. the current boards strategy) is to keep saying this is the best offer. If enough short termers bail, the share price will continue to drop, which plays into a fear game as the date gets closer.

Shareholders have a choice, and if they don't like the offer they can vote AGAINST.

(Note: suggest we all stop using the NO word, as that's not how you vote, it's either For, Against or Abstain)