Did the board of direct fail to serve shareholders' interest?

This is a real case and is not exam related.

Years ago I was with a small public company. On one early morning we were all shocked that the company had been bought by another even smaller but agressive company with strong financing backup. We learnt that on public news. We were all shareholders with very small percentage. Before we learnt that from the public news none of us except top management had any single piece of information about their month long negotiation in preparation. The aquisition was done with cash with about 30% premium. As we learnt from corporate finance, that showed how confident the aquirer was. Now their shares were more than trippled.

So did the board of directors of our company fail their duty in serving shareholders? They may not be smart enough to foresee the means of payment used in the aquisition to get shares of aquirer to shareholders of target but they never informed shareholders that the aquirere was attempting to buy our company. As the news broke out it’s a done deal already only pending paperwork approved by regulators.