Best thing the Board (if they are acting in the interests of WDE...

Best thing the Board (if they are acting in the interests of WDE shareholders and are not puppets of Perennial) would be to negotiate some improvement in the terms of the bid from WAM in exchange for a Board recommendation to shareholders to Accept. It would also be sensible for WAM to consent to this as it would improve their chances of getting a decent level of acceptances from retail shareholders.
Any other strategy by the Board arguably negligent