The incentives of any CEO, not just Dave, include factors other than the share price. Fortunately, in Dave's case, share price is important, but it is not everything. Any CEO may want to maintain his or her independence longer than a non-managment shareholder who might accept an an attractive monetary or stock offer that would put the current CEO in a role of reporting to a different CEO. And any CEO may have personal contractual arrangements with his company that would typically be negotiated quietly between the buyer CEO and the seller CEO, and then publicly disclosed in the context of the entire deal.

Dave is in no different situation for 1000s of other CEOs who have multiple personal motivations.

Calmlyrational