I don't think JANA is going anywhere. Why should they? If the stock continues to swirl around the bowl as it has been doing, JANA will have a much easier time persuading folks next time that it is time for a change in direction. And JANA is not going to want to take the big beat down they will take if they drop out now. They might even increase their position. I just don't see them giving up so easily. And as long as they remain, the BOD and management are obliged to look over their shoulder whereas they could care less what we think.
In a fair vote, perhaps your scenario will play out. However, as shown previously, Canadian companies can legally taint the voting process so the incompetent c-suite turds can keep their jobs. And the vote results clearly show that the majority of shareholders are sheep, eating up everything mgmt says.