Standard operating procedure for that type of transaction.  Buying company agrees to give outgoing CEO a golden parachute plus a well paid cushy job if he can get the deal to go through.  Usually well positioned Coops have an undervalued balance sheet which makes the purchase a “buy” to the aggressor.  The aggressor gets a business at less than value, patrons think they are doing great to get their equity back even if it is only 80% of value.