The information that can be gleaned is that they internally value the company at a higher price. My argument then, is that given that think about their company

The information that can be gleaned is that they internally value the company at a higher price. My argument then, is that given that think about their company 24/7 and that they have access to data that I do not that they probably have a reasonable basis for believing that their company is worth more than the offer. I further bolster my belief that their conclusions are reasonable with the fact that they have to justify their valuation to a board, many members of which represent IRR centric VC firms. From the fact that a VC backed company rejects any offer you can glean quite a lot of information. Its a fairly simple exercise of "what had to happen?" and "what would you have to believe?".