There is little doubt that the board of directors is being given advice that it is their fiduciary duty to seek other offers. The $13 /share offer may be too low, but is a decent level from which to start the auction process. This despite, if you bought on the earnings miss two years ago, you're already up 150%.
Clearly other strategics from the food industry will already be analyzing the overhead cost savings since only the operational costs will continue post deal. The Brazilians won't have this cost savings benefit in their valuation. However, we may need to be deducted for the payment of break-up fees made to the bridesmaid.
So while the typical best advice is to sell on an announcement, keep holding this one...relax and enjoy the auction. CQB is going higher!