Why would they need to raise the bid?
Because they may not get any more shares at 4.8 cents, so although they do not pay any more than necessary, it may be necessary here to get any more shares.
Also because even a bid of up to 5.5 cents INE may still see significant value even from that higher price, and it might get them much more of the company.
I am far from certain this will happen, but those points seem reasonable to me.
takeover, page-21
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