Read your post but it goes both ways, remember when MSFT made an offer on YHOO several yrs ago "headline news", I checked two message boards and IHUB on Sourcefire, and no one saw it coming not even a rejected offer at least for the last 6 to 8 mths..So we should agree that only amongst big boys does that happen....but in the end we all win cause we are VPLM shareholders..LOL
Yes, it can and does happen, but is unique on a case by case basis.
It appears that in most cases, it's the media that is aware of the buyout negotiation failures, which then reports on it. Whereas conversely, there isn't really a "company offer rejection PR".
I'm sure some companies use the media this way to sort of circumvent an NDA, being able to get the rejection word out to the public without violating an NDA. I think companies are allowed to "confirm of deny" information without violating an NDA (like in the Onyx's case below, the PR didn't come from Onyx, but they confirmed a offer rejection.)
Regardless, you can bet that all big corporate buyout offers start with an NDA. That said, if the media isn't aware of the negotiations (like in VP's case,) then the "rejection" word just doesn't get out to the public:
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