I should say, nothing at all wrong with directors recommending...

I should say, nothing at all wrong with directors recommending an offer as fair and reasonable - whilst they themselves aren't participating.

Everyone has different circumstances and outlooks.

For one, many directors might hold the view that it is appropriate they have 'skin in the game' whilst being on the board. Following on, they may see the value in the bid but have a 'blue sky' view of the future (as listed in the reasons not to sell, they might personally hold the view that chemical sunscreens get banned). They might also just be having a high income year so from a tax point of view don't want to realise a big capital gain etc.

I guess it might be interesting to know their personal thoughts as to why - but they have every right to go, we've assessed the independent expert report, consider it fair and reasonable and recommend you accept, but then (for their own circumstances) not participate personally.