That actually makes sense. B&B would prefer to M&A with a modest bite-size chunk, and then have years of freedom while executing such an acquisition (lots of airbuses, and widebody market is soft right now). Possibly to end up right back where they started, minus the acquisition price but still employed.

Board might have wanted to cash out on behalf of shareholders. That's what they *should* want to do, assuming they're not captive to the management team (I used to think they were, not so sure now).