Well, we've discussed this a number of times over the years and the concensus seems to be that a "poor" offer could be rejected wthout presentation to the shareholders.

We hired management to handle these affairs and they can do so at their discretion. Keep in mind that if an offer did come in, and was rejected, the acquirer could always make an unsolicited offer and mention that the offer had been rejected, potentially undermining management had the offer been reasonable.

I doubt management would put themselves in that position.