Try not to confuse fact with the pump and dump rumours which have recently been circulating.
1. We know that the BMY offer was "not material" - therefor it could not have entailed shareholders receiving a significant premium to the share price at the time ($16 or less).
2. If the BOD had spent shareholder money on engaging the services of consultant firms to conduct an auction of the business the shareholders chose to invest in - the BOD would have been obliged to tell shareholders what they were doing.