Agreed, if that is the case it is a fraud. If there was an official offer and they hide it, it is fraud. Every shareholder has the right to choose.

However, what I also meant is that in the article they talk only about the money side, there is no mention what else was on the table. For example, may be the strategy that Instagram is interested in is closer to that of Facebook than to the one of Twitter. Or maybe something completely different. We don't have the full picture.