Possible TakeoutI don't think a company's BOD is obligated to inform the market or shareholders whenever they receive interest in a takeover by another entitiy.
Thus, I believe CTS has taken a look at the current state of affairs at the company, what is likely to occur in the industry and the economy going forward, and the recent expressions of interest they have received and decided the best course of action is to set up a committee to study various "....strategic alternatives that may be available to the Company to unlock shareholder value." . Thus the press release as I suspect the establishment of a committee to examine strategic alternatives is material information that would have to be publicly disclosed.
If a potential buyer feels they have put forth a generous enough bid to win a shareholder vote on the proposal yet the BOD says no, a hostile takeover offer could transpire where the potential acquirer announces their bid and force a shareholder vote on the proposal, encouraging shareholders to vote in favour of it. Acquirers would obviously much prefer to win Board approval of their proposal ("friendly" takeover offer), but they do have that arrow in their quiver. Also, if a hostile bid is presented to shareholders, the BOD could agrue it's "not enough" and look for either the entity presenting the hostile bid or a "white knight" to come in and up the offer to something the BOD would support.