"any reduction in cash would reduce value of business and as a...

"any reduction in cash would reduce value of business and as a result - revalue offers."
Baldy, I'm surprised at you! Reduction in debt with cash = cash down, debt down = no change in business value. If anything, the reduced debt makes the business look better.

And while I'm here: There is always the possibility that there is another player out there waiting for the right time to make an offer above 89c.