It shouldn't be to fend off prospective suitors, but to ensure...

It shouldn't be to fend off prospective suitors, but to ensure shareholders get the best outcome possible.

The problem is the senior management and board have a vested interest in stopping a take-over as most of them would be made redundant.

Not saying this is the case here, but some of the mergers and acquisitions I have been involved in (at a much smaller cap admittedly) are driven by ego and self interest, not maximising shareholder value.