The Board could have simply issued a different press release.
The Board announces the termination of the FNBG merger, receipt of two unsolicited offers and intention to seek other bids. To borrow a phrase from the modeling industry, the "go see" period could have lasted 30 days. Interested parties could have contacted its law firm.
Just remember, "a bird in the hand is worth two in the bush".
The other parties might have just walked away.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International