Management has said "in the absence of a higher offer", and given themselve a nice timeframe to back out before acceptance becomes formal; also, there appears to be no break fee. Nothing that becomes binding on the board yet.
Don't be suprised if there's more to happen on this - not saying there will be, but the circumstances make it more than possible if other parties wish to step in.
As Dolphin says, you don't go in with your highest bid initially.
Management has said "in the absence of a higher offer", and...
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