When someone offers a large sack of cash to leave, I wouldn’t take it as a sign to stay. Unless your employees are super inefficient right now, keeping the same workload for 2/3 the head count sounds like being setup for failure.
The headcount reduction was the major thing for me. We’re merging 3 teams, which I expected for a long time now, but I expected more leadership cuts and fewer worker cuts. If I stay, I will have to significantly reduce the quality of work or drive my employees to burn out. I’m not very interested in either option.