As I said previously there is more than just the money when it comes to a takeover.
It is very narrow minded to think, especially if you were going to get script in the US in a company that even has the perception of something is not quite right, that on paper a higher bid equates to the best or moreover a superior bid. It depends on your definition of superior.
So it might be well within in someones rights to accept a lower bid because the company with the higher bid has some governance issues. Furthermore, the directors selling, as pointed out by someone else, did not say no to MH - at the end of the day the board can only recommend what to do.
What stops shareholders having two bids on the table one higher than the other and then going against the recommendations of the board. Probably something like a company with corporate governance issue.
Cheers
BW
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