If 2 PE firms were will to offer 3.50 and the board rejected it thinking it's worth more, in my mind it's worth at least 3.50 but probably more.
It sucks the share price is languishing at these sub 2.50 levels but I think the real value of the company is north of 3.50 and management know this. Might just have to wait till they sort themselves out over the next 12 months before we see true value.