Ann: Update On Indicative Proposals From Adamantem, Rouse, page-21

Seriously doubt existing management has sufficient capital to perform an LBO. Also, it would be inconsistent with the original intention of floating the business in the first place which was to unlock liquidity for the partners at the time.

I wouldn't be surprised if the third bidder (i.e. the other listed IP firm) to show their hand soon enough. It would make commercial sense to soak up some top tier brands and clientele under their umbrella and increase their market share.