It's more likely that an offer for 5x market price was rejected for reasons personal to insiders as opposed to the best interests of the corporate entity or its shareholders. It's also possible that one could make a claim for breach of fiduciary duties to minority shareholders unless that share value comes close in the very near future to that buy-out price.
Just my opinion. I don't know a lot about this company or its prospects. However, it's hard to justify turning down a buyout at 5 or 6x market. IMO it's personal interest rather than the best fiduciary interests of management.
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