"It's both strategic and defensive."

Defensive for whom?  You are going to feel more than just silly when an offer is disclosed that may benefit shareholders generally but is voted down by the board because it may cost BG his job.  At that point, there are powerfully important law-shark law firms that will be very happy to sue the pants off of existing board members on contingency.  I guess you again didn't think that far, did you?  

In the end, it's all good for most shareholders, though I can see how existing board members could be damaged, and perhaps damaged severely (more so should SEC take an interest in this).