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Rob:

Since you went out of your way to provide an explanation to the board when none was asked for, I think that it is common courtesy when negotiating a transaction, especially one that would be closed in a matter of minutes not hours or days, by giving the interested party a chance to respond to YOUR counteroffer and, in the meantime, tell any other interested parties that you have a pending transaction and will get back to them shortly.

I don't think that is asking too much and it would have been how I would have handled the situation from the other side as a seller.

Don't worry, you won't have to deal with me as a potential buyer again.