It depends what price he is offering, and how quickly he is offering it. With ETM down to $5.25, and CMLS at $2.50, my attitude is, if the EMMS CEO came in and bid $2.40 again, in the next 45 days, I'd support that deal (as long as ETM is not at $10 again, and CMLS at $4.00 again, in that short period of time).
Everything is relative. If I can wait 1-2 years for $3-4, or take, maybe $2.40, in the next 1-6 months, that would always be tempting...especially with EMMS at only 70 cents now. (I can't imagine the CEO could possibly entertain an offer of less than $2.40 again.)
In any case, one who objected could always let the deal go through, and seek appraisal rights, if one feels his shares are worth more.