Shareholders keep saying that management want a higher price...

Shareholders keep saying that management want a higher price than Pfizer have offered. The board literally asked all shareholders to agree to the takeover offer price at 11.5c. Sure they would want more, but they've already told Pfizer they'll agree to 11.5c and push other shareholders to do the same. Maybe the report says the value is higher but Pfizer aren't going to offer much higher IMO after the board agreed in principle to 11.5c. The below could also unfortunately be an outcome and why they're potentially currently negotiating (less likely but Pfizer are ruthless).

"The expert should also comment if its valuation is less than the price of the company's securities in the period leading up to the announcement of the transaction."

Some type of licensing deal or partnership would seem to be best for shareholders. It seems like management want out though, which may be a good thing, fresh blood to move it forward.