The BOD has a fiduciary responsibility to shareholders to evaluate company current and future value and determine if buyout offer is far to shareholders. BOD can vote to decline an offer, or put it to shareholder vote. Typically when a buyout offer is made, share price goes immediately to just below that price. Investors can elect to exit if they want, or hold on for a better counter-offer. The best scenario is once a BP makes a big, other BP's start to counterbid and the buyout price escalates to the benefit of shareholders who hold the shares.
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