The management team has had to work hard to overcome the loss of...

The management team has had to work hard to overcome the loss of some major customers over the past few years - eg google.

The high interest rate environment hasnt helped either.

To be able to reduce costs so much whilst keeping revenue at least stable is a good achievement.

Some of the positive results in ebitda and cash flow have probably encouraged the recent bids.

Also, you would have to be on the inside to understand what happened with the 80c bids.

From the CEO, i understand there were no binding offers received at the end of the data room process.

Which makes sense given ARR was dropping materially during that period.

If a sale happens at or above 25c, that will be a decent outcome all things considered.