Everyone had an opportunity to buy this company between $3-4 in...

Everyone had an opportunity to buy this company between $3-4 in the last few years when it was extremely cheap.
Yes the directors presided over disasterous losses at both AWE and STO.
Relative to their failure to address the above two facts, the issue of disclosure of the conditional offer is insignificant to shareholders and I think the board did the right thing.
They shouldn't announce every half cocked offer that comes through the door, it was lowball sharpen your pencil and come back they said. That seems more than reasonable to me.
If you buy cheap companies then a takeover means a quick payout but a long term hold means a greater benefit. It's six of one half a dozen of the other.