After today's news I am glad that I took the opportunity to sell out of my (RL) position at $6.30 when the takeover offfer was initially announced.
I honestly thought it would go through given the board and founder's approval, it seemed like a done deal.
In the past I would have held on to get the last couple of % out and/or in hope of a rival offer. But I have lately come around to the idea (wisdom?) that such takeover offers are an asymmetric outcome. If it goes through then you get a couple of % more and the best possible outcome is there is a bidding war. But if, like today, the takeover falls through, then there is a lot of downside. Plus if you sell at the initial takeover and it falls through, you can always buy back in if you still like the company.
Now I will caveat this by saying that if it seems likely to be a bidding war, then it can pay to hold on. However in this case, given the founder was behind this particular bid, it didn't seem like there would be rival offers, so on the balance of probabilities it seemed the juice was already priced in and there wasn't too much left to squeeze.