Am I thinking correctly that it is entirely up to the board to...

Am I thinking correctly that it is entirely up to the board to accept or reject a takeover offer? If the members of the board feel like continuing , in what will not be an easy market in the next few years, with difficult decisions, then they can reject the offer. If they feel like taking the easy way out, I guess they will accept even a too low offer . One would have to research whether the members of the board have paid for shares themselves, or been awarded shares. They might not want to accept an offer much less than their own cost base, but if the shares were given to them , they might be happy to sell.