Yeah, that scenario might happen. It would seem that a much larger proportion of institutional votes no doubt will command any such sellout price, if it happens.
Or, could be there are no substantial "negative (and could perhaps adversely impact the offer price)" and Fassy boy might not be able to retire so soon and have to keep his co until he can be replaced by a CEO & board that are positive for us. Who knows. Point is I don't think there's sufficient reason to sell that benefits shareholders & employees, to the contrary.