"If we turned it down, and if were successful in reengaging management on new terms, best-case scenario, we believe we might only gain a few percent more value. However, if it didn’t work, our downside risk was probably a few percent less value. This is because we’d reengage the company and likely get a version of this same deal later this year. However, we’d probably get skinned a few points of value in the process, so as not to reward bad behavior."
So it would be considered bad behavior by management if we turn down a deal that does not meet our requirements? That is too funny!