I suspected they did delay as long as they could and try to push...

I suspected they did delay as long as they could and try to push them to increase offer as well as try to get other offers. But that would have been difficult given no one else was knew the company was on sale and it takes a lot of time and resources for another company to get to a stage of reviewing the books, understanding how a buyout would be beneficial and going through all the internal protocols to eventually come up with a bid. Without a competing offer it would have been difficult to extract more.

They could have just said no and walked away. I think  this is why many here think no one in the Board or execs want to run the company. It's just an easy exit strategy. Given only one Board member owns any significant stock out of all BOD and management, there is no issue for them to undersell the company. 

Let's not forget this Board has never been interested in dealing with investors. The Chairman's response to difficult questions in the past was to 'sell your shares'. 

This is a perfect exit for them. Can't comment on specifics re golden handshakes at this time, but that is a fairly standard practice in TO's for those who are not part of merged company.