Best interest of shareholders?

This article reports that "AstraZeneca's board has rejected yet another takeover bid from Pfizer" and that this rejection will probably end the attempt by Pfizer to acquire AstraZeneca. Pfizer offered £55.00 per share. After the rejection the price per share fell to £41.57. "The offer valued AstraZeneca at nearly $120 billion, and was a 45% premium over the company's share price in mid-April."

The report raises several interesting questions.

1. Who benefits from the rejection? 
2. Who gains? 
3. Are the incentives of the deciders aligned with the best interests of the owners?