Ann: Preliminary, indicative and non-binding proposal received, page-240

I assume a higher offer wouldnt come until the IBC come back with a response.

On the other hand, things have calmed down a lot, very low volume, shorts look like they are going to level off around 10%. Everything looks like its on pause underpinned by the $3.50 proposal.

A higher offer might draw some more shorters out, but it would be a bit random for KKR to have 'second preliminary indicative non-binding proposal'