I fully agree 'wood.........Pfizer are not walking away as they...

I fully agree 'wood.........Pfizer are not walking away as they know the value of the company and, IMO, are simply trying to take over the company via the back door. The offers are disingenuous in my opinion and I feel that they are just doing a 'temperature check' of shareholder sentiment with this process.
When a Global company like Pfizer have a company on the radar like resApp and make a decision to go after it, they buy it! Period. Nothing gets in the way. That means paying a premium if necessary. They are way off this now but are simply playing the game of back and forth to see who blinks first.
For Pfizer, 20.8c or 50c (arbitrary number) is immaterial as they have already decided that they want (need) to buy this company.
Pfizer has invested a whole bunch of money in their own due diligence and there are also a bunch of people who have been tasked with buying ResApp based on their own internal due diligence. For them to go back and tell management that 'sorry boss, they didn't accept our offer' is simply not acceptable.
There is still much to play out...

How do I know..?

I have worked in a US Fortune 100 company for 30 years, competitor to Pfizer, and have been exposed to how we managed M&A....

Exciting times ahead...IMO