I agree. But when you notice the market participation of the stock and the strength of the stock when there is a buyer or seller, it is better to take it private. For example today after 2 hours of trading, volume was only 18000 stock and the price movement was 15 to 20% wide fluctuation. With that type of weak and wild swinging stocks, it is dangerous for any investors to participate. There wont be buyers and there wont be sellers too.
Any price the BoD thinks is best at the interest of common shareholder. It is at the discretion of the Board to decide whether the proposed price by individuals or by a group is better than the shareholders would get from the open market.