Boards have a hard time doing the right thing for a variety of reasons, one of which is they can't figure out what the right thing might be, some because they are just inept, some because they inclined to be corrupt (See Martha Stewart as a NYSE board member), etc. Ariad's board has it's own rather checkered history (the resignations of some, accusations, etc.)
If Harvey says a particu;ar buyout is a bad deal, 99% chance they have a conf call and its rejected.
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