Why would the board unanimously recommend we vote in favor of...

Why would the board unanimously recommend we vote in favor of this. Not a chance I'll be voting in favor.

Does anyone have any experience with these scenarios? How is this likely to play out? I imagine they start low but would be willing to increase their offer just like any buyer.

The 3 million license fee seems to be separate to the buyout offer which at least solves our immediate cashflow problem, and it's non exclusive. Best case scenario is shareholders vote no and we get additional offers?